The little-known real estate developer who convinced state officials she had the financial means and experience to transform a 220-acre parcel in Laconia into a sprawling housing and business complex has signed a plea agreement to federal wire fraud charges.
In 2022, Robynne Alexander was the top bidder for the Laconia State School property, which the state had been trying to unload for years following the closure of the facility. Alexander’s $21.5 million offer — dubbed “Legacy at Laconia” — included the promise of more than 1,000 housing units and a 250-room hotel, along with other amenities, all offering views of Lake Winnisquam. But after multiple missed deadlines, questions were raised if Alexander had been properly vetted by state officials, and ever possessed the funds to close the sale.
After the state was forced to rescind the sale offer — further delaying the development of the State School property — state regulators and the Securities and Exchange Commission launched an investigation into Alexander.
In court filings released this week, Alexander is now agreeing to plead guilty to defrauding at least 25 investors from across the country who were promised shares of various development deals, including the Laconia property. She will be sentenced in federal court in Concord later this summer, and has agreed to pay as much as $3 million in restitution to her victims.
Alexander’s court appointed public defender said his client had no comment.
Prosecutors allege that over a six year period, Alexander routinely misrepresented the terms of various development projects to investors, commingled funds from different projects, and used proceeds to fund personal vacations.
Along with the Laconia property, Alexander managed development projects in Manchester and Hampton, along with a group of apartments in Providence, Rhode Island. Prosecutors say she routinely raised money from new investors to pay back previous clients.
According to a settlement filed with the New Hampshire Bureau of Securities Regulation, Alexander relied on a network of contacts she made while serving in a real estate coaching program in California called the Real Estate Investor Goddesses. None of the victims are identified in the court records, but some trusted her with as much as $750,000.
For the Laconia project, Alexander initially approached a woman identified in court records as “investor 23” with the promise of a 10-acre parcel that could be developed into a resort for people with physical disabilities. The project would then morph into the 220-acre bid on the state-owned land in Laconia, with the investor coaxed into handing Alexander between $200,000-300,000 by the time the deal imploded, according to regulators.
“The idea of the development had changed from a small, fully accessible resort to a catering to the disabled into creating a whole new village in Laconia that included plans for housing, retail, entertainment, hiking trails and more,” regulators wrote in court filings. “Investor 23 has not received any of her money back.”
Following Alexander’s selection to develop the Laconia project, reporting by the New Hampshire Bulletin found that she had been sued by at least one investor and appeared to lack any relevant experience in transforming such a large property. Alexander told the Bulletin that she had the means to deliver on the sprawling idea.
State officials initially defended their review of Alexander, but after multiple missed deadlines, the agreement to purchase the Laconia property was shelved. Last September, the state finally agreed to a new purchase and sales agreement with a local developer at a greatly reduced price of $10.5 million. That deal is expected to close sometime next year.
