The Commonwealth Bank has appointed receivers to The Yacht Pty Ltd, the company that owns Jon Adgemis’ 95-foot yacht Hiilani, formerly owned by Hollywood icon Shirley Temple.
The bank, acting as the primary creditor, initiated the move as part of Adgemis’ ongoing financial challenges, according to the AFR.
This marks the second time Adgemis’ lenders have placed the company into receivership. In March, Equitable Investors briefly took similar action.
Hiilani, constructed in Italy in 1974, was previously known as Shirley B during Shirley Temple’s ownership. The yacht was listed for sale in 2010 with an asking price of $2.85 million.
Once a scene of glamour, hosting Sydney celebrities and models, the vessel is now available for hire, advertised as “incredibly elegant” with “classic exterior styling and a richly appointed interior.”
Grant Thornton’s Philip Campbell-Wilson and Lisa Gibb were appointed receivers on November 6.
Earlier reports from the Australian Financial Review revealed that Adgemis, a former KPMG dealmaker, was considering selling the yacht amidst mounting financial pressures. Adgemis and the Commonwealth Bank have yet to comment on the current receivership.
Adgemis made his mark in the hospitality industry through Public Hospitality, a portfolio of more than 20 pubs, bars, and hotels, including Sydney’s Oxford House and The Norfolk, and Melbourne venues such as Karen Martini’s Saint George and Guy Grossi’s Puttanesca. However, rising interest rates have severely impacted his businesses, leading to significant asset losses and at least 24 court actions.
Source: Australian Financial Review.
