A Rose Bay home co-owned by Jon Adgemis and his mother has been repossessed and is being prepared for sale as part of efforts to recover millions in business debts.
The six-bedroom house at 2A Conway Avenue, previously occupied by Adgemis’ sister and nephew, now carries signs warning: “The mortgagee is in possession of this property.”
According to news.com.au, the property has been cleared out and secured, with padlocks placed on the gates.
The repossession follows legal action by La Trobe Financial to recover $6.2 million lent to Adgemis, who is reportedly facing $500 million in debts through his Public Hospitality Group.
Adgemis’ mother has contested the repossession in court, stating she “does not recall and has no record of ever receiving” legal documents related to the mortgage.
Source: news.com.au
