Tony Xanthopoulos, director of failed South Australian home builder Xtraordinary Constructions, is under scrutiny after the company’s collapse revealed a string of luxury purchases, including a Lamborghini Gallardo valued at $200,000.
A report prepared by Xanthopoulos lists the Lamborghini as the most valuable of four high-end vehicles owned by the company, alongside a Nissan 350Z coupe, a Nissan Navara, and a Mercedes-Benz E200.
According to The Advertiser, these assets, along with a $570,000 property in Blakeview and a marina berth at Port Adelaide, are now in the hands of liquidators.
With company assets totalling around $1 million and over $2 million owed to unsecured creditors, many are expected to suffer significant financial losses.
“The Lamborghini is a valuable asset of the company that is securely stored, and will be offered for sale in due course,” said liquidator Andrew Langshaw of DuncanPowell, noting strong anticipated buyer interest.
Xtraordinary Constructions collapsed last month, leaving more than 40 incomplete residential projects worth $17 million.
The builder had been hired to complete works at Port Adelaide’s Dock One after the fall of Qattro, and was also active in suburbs including Woodforde and Glanville.
Construction giant Metricon has since stepped in to finish homes and assist affected customers with insurance claims.
It has further been revealed that Xanthopoulos, who co-directed the company with wife Tara and also operates a Wagyu cattle business Two Cow Creek Wagyu, sent abusive emails to a customer, calling them an “ass with first-world problems.”
The emails came amid growing complaints about delays and defects.
Langshaw said the directors had tried to restructure the business but rising costs and material shortages proved too great.
“Xtraordinary has faced increasingly challenging operating conditions that have affected the entire industry,” he said.
Source: The Advertiser.
