Court battle looms as lenders seek millions from Sydney pub baron Jon Adgemis

·

Sydney pub baron Jon Adgemis is under mounting financial pressure as Angas Securities seeks to recover millions over a failed Bondi property venture.

Angas filed claims in the NSW Supreme Court to enforce Adgemis’ personal guarantee on a $25 million beachfront apartment building, initially planned as a luxury addition to his Noah’s Backpackers redevelopment.

Adgemis purchased Noah’s Backpackers in a $68 million deal in 2022. However, the Bondi building fell into dispute, leading Angas to seize the property in April after a debt rescue deal collapsed. Deutsche Bank had proposed refinancing the Bondi property as part of a larger $400 million debt package across Adgemis’ pub assets, but Angas rejected the offer, which would have required a reduction in its claim.

Industry sources revealed that while Adgemis initially paid down a loan exceeding $13.5 million on the building, he subsequently missed payments. The property also has a $3 million second mortgage, with mounting land taxes and council rates adding to the debt burden.

Jon Adgemis
Jon Adgemis owns Public Hospitality Group. Photo: Development Ready.

Despite extensive marketing, including a campaign by Forbes agent Ken Jacobs, the six-apartment building with retail outlets has failed to sell. Angas has moved to enforce Adgemis’ personal guarantee, filing the court claim in July and pursuing a potential summary judgment in the absence of a defense from Adgemis.

This legal battle adds to Adgemis’ mounting lender disputes. In September, New York financier Muzinich seized five assets over a $100 million debt dispute, with an administrator’s report claiming insolvent trading—a claim Adgemis denies. Amidst the ongoing fallout, another of his properties, a boarding house in Sydney’s Annandale, was sold at a small loss.

Adgemis’ once-expansive pub empire, which encompassed 22 venues across Sydney, Melbourne, and regional NSW, has fractured under mounting debts and conflicts with business partners and creditors.

Source: The Daily Telegraph.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Are apps like Duolingo enough to learn Greek, or do we need a tutor?

For many people who want to learn conversational Greek, an app, can be a very useful addition to your program.

Greek Australians among top real estate young guns of 2025

A number of young Greek Australians have cemented their place among the best in Sydney and NSW’s real estate scene.

Lachlan Arghyros balances surfing dreams and school through distance education

Fifteen-year-old Lachlan Arghyros from Kingscliff, NSW, is making waves both in and out of the water as he chases a surfing career.

Greek farmers discuss sustainable olive oil production

Sustainable olive oil production is a priority for growing numbers of farmers in Greece as they confront the challenges of global warming.

Greece ranks among top three global shipping powers

Despite ongoing geopolitical tensions and economic uncertainty, the global shipping industry remains resilient.

You May Also Like

Precious icons stolen from Epirus monastery allegedly auctioned in gallery abroad

Two precious icons that were allegedly stolen from monasteries in Epirus, western Greece, have been auctioned by a private gallery in Europe.

Meet Tina Kokkalis: The Greek Australian singing both national anthems at Kambosos v Haney

Tina Kokkalis will be singing both the Australian and Greek National Anthems at George Kambosos Jr’s mega-fight in Melbourne today.

Saint Panteleimon Greek church in Adelaide re-opens as English-speaking parish

The Parish of Saint Panteleimon in Glenelg, Adelaide, has re-opened, and introducing English-speaking services.