Broke Sydney pubs entrepreneur Jon Adgemis missed out on a major property gain after lenders seized his Rose Bay home, preventing its sale as part of a lucrative super site development.
The home at 2A Conway Avenue was part of a multi-property site in Rose Bay, estimated to have sold for over $80 million, set to be redeveloped into a 70-apartment luxury complex by Mathieson Property.
Adgemis and his mother had bought the house for $4.45 million in 2018 and used it as security for his empire of 22 pubs and hotels, borrowing $53.7 million, much from GEMI Investments.
La Trobe Financial took possession in July, with the property occupied by his sister and nephew. Rose Adgemis had tried to block the seizure, claiming she was unaware her son had used it as collateral.
The sale is unlikely to benefit Adgemis or his creditors.
Source: The Australian.
