The Rose Bay investment property of bankrupt hospitality entrepreneur Jon Adgemis has been sold for $12 million, after nearly two months on the market, according to a now-removed listing on the Cotality website.
The six-bedroom, five-bathroom home, purchased by Adgemis and his mother Rose in 2018 for $4.45 million, had been occupied by family members.
The 556 sqm corner property is zoned for apartment complexes up to six levels, with a neighbouring property having sold for $8 million in 2023.
Adgemis’ bankruptcy trustee, Andrew Yeo of Pitcher Partners, has advised that an update to creditors is expected in early November.
The windfall sale is unlikely to significantly reduce Adgemis’ debts, which currently exceed $1.8 billion.
The property had been listed as a mortgagee in possession sale, following a repossession notice posted in July.
Two registered mortgages and nine caveats remain on the title, mostly from hospitality trade creditors related to Adgemis’ half-interest.
One caveat, lodged in March last year, is from the NSW Chief Commissioner of State Revenue seeking unpaid land tax.
Adgemis, who rents at Bondi Beach, built a hospitality empire spanning roughly two dozen properties before the Federal Court declared him bankrupt.
Source: Daily Telegraph.
