This was one of Tom Sheehy's failed developments. This time some substantial construction actually took place but it all ground to a halt and investors have given up all hope of having their properties finished.
Hotel and Resort Management group Nikki Beach announced in 2007 that they would invest €100m in the development and run the resort once finished, even though completion was a long way off and no work was taking place. In October 2012 Nikki Beach advised that it had no longer had a vested interest in the resort and that the developer was solely responsible.
An action group has been set up by investors in an attempt to get their money back. I cannot confirm whether they intend to sue Nikki Beach. Email firstname.lastname@example.org
Below are a few links to the full story...