Queensland pub owner Robert Fraser-Scott's Paradise Point mansion receivership listing: Title Tattle
The Queensland hotel and pub owner Robert Fraser-Scott has lost control of his prestige Sovereign Island residence (pictured above). It's been listed for October 10 auction under instructions from Ernst & Young through Ray White Surfers Paradise agent Shaun Kaddatz. The property has its own website, www.2KnightsbridgeWest.com.
Last November Fraser-Scott thought he'd sold his mega-mansion, albeit for less than half what it cost four years earlier. The Knightsbridge Parade West property sold under the hammer for $3.5 million last November, but the November buyer has since lost the deposit Set on 2,369 square metres, Westley Manor had been bought from builders Rob Smith and wife Susan Chudley-Smith for $7.36 million in April 2007, just before the global financial crisis. It has six bedrooms, seven bathrooms, a mooring able to take two 18-metre boats and two jet-skis, a 1,500-bottle wine cellar, drive-through underground parking for 12 vehicles and resort-style grounds. The mansion also features a two-sided wall aquarium between the living and media rooms.
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It's not the only luxury Gold Coast property boomeranging back onto the market. Stand by for the next installment of the Alex Povov-designed Gold Coast mansion listing (pictured above). It was sold by Queensland fund manager Mark McIvor to the NSW truckie Gary Fulton, who is now having another attempt at on-selling it. It failed to sell at August auction – passed in on a $5.5 million vendor bid by Coldwell Banker agent Alex Caraco, who now has its for November 3 auction.
McIvor, founder of failed fund manager Equititrust, lost the property to receivers, who sold it in January this year for $6.75 million. The sale, to New South Wales truckie Gary Fulton, raised eyebrows in the Gold Coast's depressed real estate market, as it was a sizable rise on the $4.55 million top bid at its unsuccessful 2011 auction.
In recent months the Commonwealth Bank sought to repossess the home, launching Supreme Court action against Fulton company Vitago. But in August Caraco advised the local Gold Coast Bulletin that the court action against Vitago was "in abeyance'' and the truckie's company – not the bank – was currently selling the mansion. After the auction he suggested there had been genuine interest "from a gentleman from Melbourne, a lady in Hong Kong and a doctor in Sydney''. Caraco suggests some other interested parties are using the controversy attached to the property to try to get a bargain.
"The property is now going for auction for the second time, and we are saying the reserve has been lowered by $1 million," Caraco told Property Observer.
