Jon Adgemis mother's house repossessed, prepared for sale
The six-bedroom home on a 567sqm block at 2A Conway Ave, where Mr Adgemis's mother and grandson had been living, now has signs on the doors saying 'the mortgagee is in possession of this property'.
The note advises that the 'mortagee has secured all doors and windows and will prosecute you if you trespass upon or in the property'.
There are padlocks on the gates, the property has been emptied of furniture and TVs have been pulled from the walls.
The Daily Telegraph reported last month that Mr Adgemis's Public Hospitality Group has a whopping $500m in debts.
A call around of eastern suburbs agents has revealed that Fred Small of Laing and Simmons Double Bay has been appointed to sell it, and the property is now being prepared for sale.
Mr Small has been approached for comment.
Reports emerged in late May in the Australian Financial Review alleging that the former KPMG dealmaker mortgaged the property behind his mother's back.
Mr Adgemis's mother had been in the Supreme Court trying to keep the property, as La Trobe Financial sought to claim it as part of efforts to recoup $6.2m that Adgemis borrowed to finance his business.
The Supreme Court heard that his mother 'does not recall and has no record of ever receiving' any legal documents.
It was also alleged that the mortgage was taken without her knowledge or authority.
La Trobe had applied to the court to repossess the Rose Bay house, that last traded for $4.45m in 2018.
Double Bay agents estimate the property would now be worth between $7m and $8m.
The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue.
The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators as he faced hundres of millions of dollars in debt.
Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper 'Bang & Olufsen' waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance.
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