More than $1 million was invested into a Costa Rica property scheme launched by David and Antoinette Bolden, but the estimated 35 investors and the scheme’s unsecured creditors may end up having to share no more than $50,000.KPMG, acting as agent for the Official Receiver, is investigating the affairs of EFG International Realty LP1 (EFGIR), a Bermuda limited partnership which invested in real estate in the Central American country.A call for unsecured creditors of the EFGIR estate was issued yesterday.Mr Bolden was president of the company and its affairs were organised by its general partner Emerald International Management Limited (EIML), a regulated financial firm owned by the couple.The Emerald Group of Companies, including EIML, is being wound up by KPMG after the BMA took enforcement action in summer 2009 due to concerns about the firm’s liquidity.KPMG’s latest report to identified EFGIR investors says that the company’s general ledger contained no financial data.But the investigation has determined that the total amount of money invested into the scheme by the 35 Limited Partners could be $1,417,442, of which $1,009,932 have been confirmed.Subscriptions ranged from $25,000 to $150,000.It is unclear how all the funds were used because a separate or segregated bank account was not created for the scheme and investors were asked to deposit their money in various bank accounts held by the Emerald Group of Companies, according to the report.The limited partnership agreement, which has also been obtained by this newspaper, states that bank accounts should have been opened in the name of the limited partnership, and proper accounting records should have been kept and made available for inspection by the investors.KPMG’s investigation has found that EFGIR spent $228,500 in a Costa Rican development known as “Pacifico” and paid another $67,700 for an option to purchase another property in the “Sonesta Jaco” condominium development.Another $50,000 is said to have been spent on furnishing for the Pacifico property.And 15 percent of investors’ money is assumed to have been taken in fees as outlined in EFGIR’s private placement memorandum.Another $300,000 is assumed to have been taken up by bank offsets.According to the KPMG report, the Sonesta Jaco property was never acquired as EFGIR had no funds to do so once the Official Receiver was appointed and the option to purchase lapsed.But the liquidators have managed to sell off the Pacifico property, realising just $141,000.“After liquidation expenses and legal costs, there are likely to be net recoveries available for distribution of approximately $51,000,” the report says.Unsecured creditor claims will have to be settled before investors get any of their money back.“In accordance with Bermuda law, it will be necessary to repay any unsecured creditors in full, prior to distributing any remaining funds to the LPs [limited partners].“Our investigations to date indicate that there are unlikely to be any such unsecured creditor claims.“Should this be the case, the funds will be available for distribution to the LPs who have provided evidence of their legitimate claims against the estate.“Such a distribution would be pro-rata to the funds invested.”Yesterday’s call for unsecured creditors was published in The Royal Gazette. Proof of debt must be submitted on or before November 6, 2012, according to the notice.KPMG’s letter to investors was provided to The Royal Gazette by Larry Larson, a private investigator hired by the Bolden’s business partners to probe theft allegations.The Boldens were found guilty of misleading the BMA in relation to their Emerald Financial Group of Companies, by a Supreme Court jury in June.The couple could not be contacted for comment by presstime.