In 1987, a flamboyant Italian traveling salesman had a vision to build a 5 star luxury hotel - The Sheraton. An Italian construction firm was engaged to build it with financing from an Italian government-owned bank and insurance company, while the Cook Islands government, amid some secrecy, agreed to guarantee the loan. The builder made payment claims for work that was not done and went bust, then another Italian construction company was employed to complete the job.

Within a few years, the lion's share of $60 million disappeared down a black hole carved out by the Mafia and other crooks, the project was 80% complete when the insurance firm cut off funding to the builders. Since then, Rarotongans have seen a steady flow of foreign receivers, consultants, con men, lawyers, bankers and developers trying to figure out what to do with the site.

and they (locals) tell that it is about the owner's curse on this land... it is always better to create such a legend that to face a reality