Former KPMG dealmaker Jon Adgemis has vacated the $20,000-a-week Point Piper mansion dubbed the “Bang & Olufsen house,” ending his stay at the waterfront property owned by Chinese investor Jerry Yafu Qiu.
Once known for extravagant parties—including a lavish 2024 New Year’s Eve dinner—the fallen Sydney financier had been staying at the home in exchange for property maintenance.
Adgemis, now living in a Bondi apartment owned by billionaire Will Vicars, faces significant financial strain. His former firm, Public Hospitality Group (PHG), which amassed more than 20 venues, has seen several assets placed into administration.
He is also battling a personal bankruptcy claim from Monaco-based Richard Gazal for $26 million, and Public Kitchen, and entity within PHG, faces winding-up action by the Australian Taxation Office over a $286,175 tax default.
According to Daily Mail, in a separate legal case, Adgemis also allegedly mortgaged his mother’s $4.5 million Rose Bay home without her knowledge to repay $6.2 million in debts to La Trobe Financial.
Court documents reveal she “does not recall” receiving legal documentation and is now contesting the mortgage.
Justice Stephen Rothman granted a temporary stay on La Trobe’s repossession, noting the home also houses Adgemis’ disabled nephew, who may have a beneficial interest in the property.
Source: Daily Mail.
