Court freezes Peter Drake's assets, but allows Mermaid Beach weekend mansion auction to proceed

The Supreme Court of Queensland has ordered the surrender of the passport of LM Investment Management founder Peter Drake.

Following application by ASIC, the court has also frozen his assets as ASIC’s investigation into the collapsed Gold Coast-based fund manager continues.

LM Investment Management went into administration in March 2013, with the company responsible for managing at least $750 million on behalf of almost 12,000 investors in Australia and overseas.

The Supreme Court of Queensland today made interim orders, which include preventing Mr Drake from travel out of Australia.

The orders have also frozen his assets but do not include the intended sale of Mr Drake’s Mermaid Beach, Queensland home.

Oceanview, the luxurious four level mansion on a double block on exclusive Mermaid Beach on the Gold Coast has been listed for September 29 auction by McGrath Estate Agents.

The modern mansion on its 1600 square metre Albatross Avenue millionaires' row holding was featured on the television show Great Australian Sandcastles.

{yoogallery src=[images/stories/2013/04/april17mermaid]}

The Paul Uhlmann-designed house also appeared in the book Beach Houses Down Under.

The $20 million estimated price would be among the highest prices paid for a home on the Gold Coast bettering the $19 million paid in 2006 for a home on Hedges Avenue.

William Fletcher and Tracy Knight of Bentleys, who have been appointed as joint and several receivers of Mr Drake’s property, will be required to identify and secure all assets held by or on behalf of Mr Drake and to report to the court.

The matter will return to the Supreme Court of Queensland on October 9.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?