Estrada selling house to finance business venture
Former president admits losing money in his failed presidential bid
Manila: Former Philippine president Joseph Estrada said he will sell his house in San Juan City to get fresh funds for his real estate development project, a local paper said.
Estrada's gated 3,000 square metre property in Greenhills subdivision includes a main house, a clubhouse, and a garage is valued at 200 million pesos (Dh16.6 million) and it is mortgaged with Metrobank, Estrada told the Philippine Star in an exclusive interview.
The mansion was not sequestered by the government after he was convicted of plunder by the anti-graft court in 2007, said Estrada, adding he acquired the property in the 1960s. The former president, — an actor — started his political career as mayor of San Juan in 1967.
Estrada said he might sell his other properties because the family needs capital to continue constructing Emar Suites, a 28-storey residential tower in Mandaluyong City.
Comedy role
The former president said he has revived his real estate venture with business partner Tony Evangelista, his classmate at Ateneo High School. He said he was paid 2 million pesos for doing a comedy film for Star Cinema, the movie-making arm of media giant ABS-CBN.
"I donated that 2 million pesos to Bantay-Bata [a non-government organisation that attends to distressed children] . So I did not earn from it."
"Detained for six years and six months [2001 to 2007], I have not earned money. And besides, I also lost so much money in the last elections," said Estrada who surprisingly placed second to Benigno Aquino in the presidential race.
Talking about his controversial mansions, for which he was arrested and charged with plunder in 2001, Estrada said: "I told them [government prosecutors] that [the] Boracay mansion [in suburban Quezon City] is not mine. If they want it, they can have it."
Businessman Jaime Dichaves owned the Boracay mansion, said Estrada, adding Dichaves also owned the Jose Velarde account, which was attributed by government prosecutors in the past as part of Estrada's ill-gotten wealth.
