Latest news with #RoseBay
News.com.au
6 days ago
- Business
- News.com.au
Jon Adgemis mother's house repossessed, prepared for sale
The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers. 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.
Daily Telegraph
6 days ago
- Business
- Daily Telegraph
Jon Adgemis mother's house repossessed, prepared for sale
The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers. 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. MORE: Australia's most bitter celeb divorces MORE: Hemsworth's Aus esky drink hole in receivership 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. MORE: Kyle Sandilands' love nest sells
Daily Mail
09-07-2025
- Business
- Daily Mail
Yet another blow for the uber-wealthy owner of $26million Sydney mansion that sparked a years-long legal feud
An estranged member of a prominent Sydney family has lost a years-long court battle with his neighbour over the garage of his $26million mansion. The opulent, Spanish-style home on Tivoli Avenue in Rose Bay, known as Villa Biscaya, has featured on Married At First Sight, The Bachelor and The Voice. But more recently, it has been the subject of multiple legal feuds involving its owner, David Waterhouse, an estranged member of the Waterhouse bookmaker family. Mr Waterhouse sold the property in 2023 for $26million to Aston Martin-driving investment banker Michael Rothner, of private equity firm Ashe Morgan. Mr Rothner moved into the property in January, but settlement has not concluded. It was a tidy profit for the ex-bookmaker, who purchased the home for $10.5million in 2020, pocketing more than double what he paid for it. For all the tranquility the harbourside mansion may offer, it continues to be tainted by an ongoing legal battle relating to Mr Waterhouse's plans to transform its street-level garage into a 'self-contained dwelling'. Mr Waterhouse sought to modify a development approval obtained by a previous owner in 2007 for works to the garage which were ultimately not carried out. Woollahra Council approved the application but things took a turn when the owner of a neighbouring property, Mincong Huang, opposed the proposal. His lawyer Graham McKee wrote to the council, arguing the new works were substantially different to those sanctioned by the initial development approval. He claimed the new works would increase the 'apparent visual bulk and locate more of the development hard of the boundary of our client's property'. The lengthy legal battle concluded on Friday, when Justice Sarah Pritchard of the Land and Environment Court ruled the works could not proceed. Justice Pritchard decided the 2007 development approval could not be relied upon by Mr Waterhouse as it had lapsed in June 2012. While the decision may have brought closure to the feuding millionaires, it's only the latest in a string of legal challenges pertaining to the block. Last year, Mr Waterhouse launched proceedings against Mr Rothner's ex-wife who he accused of cutting down trees on a neighbouring property. Both Mr Rothner and his ex-wife have denied the claims. Mr Rothner is countersuing and seeking damages, accusing Mr Waterhouse of refusing to sign off on development applications he claims have delayed renovations. The matter is listed for a directions hearing before Justice Pike of the Supreme Court on July 18. In 2019, Mr Waterhouse feuded with his neighbours at a $3.5million apartment in Darling Point, arguing their 'yapping' cavoodle, Fifi, was defecating on the harbourfront lawn. His neighbour, Fay Cohen, the wife of master magician 'Black Jack' Garry Cohen, applied for an apprehended violence order against Mr Waterhouse. The AVO was dismissed by a magistrate in September 2019. Two years before that, he lost a separate court battle over the height of trees planted at the colonial-era manor in Elizabeth Bay he shared with his then-wife, Janette. Mr Waterhouse agreed to trim the cypress trees to within 40cm of the garage roof's height after his neighbour insisted her view of the harbour had been impacted. Acting Commissioner of the Land and Environment Court David Galwey sided with the neighbour, ruling the tree needed to be pruned at least once a year.
News.com.au
08-07-2025
- Business
- News.com.au
How Sydney homeowner supercharged sale price by $7m
Sales agents in Sydney's east have recently secured extraordinary sales prices for homeowners, thanks to a new technique that's catching on big time. One old home on a 593sqm block at 16 Wilberforce Ave, Rose Bay that last traded for $1.05m in 1998 has exchanged for about $14m. The result is twice what it normally would, and its three neighbours have had similar success by teaming up to sell their properties to a developer, capitalising on the State Government's new plan to encourage new apartment hubs close to shops and transport. This recent deal for four homes, 12-18 Wilberforce Ave, on the combined 1841sqm block was circa $54m through Colliers agents Guillaume Volz and Paul Ephron. The properties were snapped up by Lewin Family Group, a developer most famous for projects on the north shore, who were represented by Joshua Punin of Biller Projects. 'As soon as this hit the market, we decided to position ourselves well because we liked this site,' Punin said. 'It was a good outcome collectively and we're looking forward to launching to market over the next few years.' He expects his clients will proceed with a six-storey building, as allowed under the State Government scheme. 'Or they could go for eight storeys if they play the housing affordability card,' Punin added. Developers are allowed to build eight storeys if they include some more affordable apartments. The other Wilberforce Ave home sales, according to property records, included a rebuilt four-bedroom home with pool on a 479sqm block at 14 Wilberforce that last traded for $4.05m in July 2011; a home on a 535sqm block at 12 Wilberforce Ave that cost $5.4m in December 2020 and a home on a 234sqm block that cost $1.75m in 2005. The deal follows a range of other similiar deals in Rose Bay, including five owners in nearby Dover Rd who sold up for $75m. Guillaume Volz is currently negotiating the sale of a near 6000sqm 'super site' at Dover Road and Wilberforce Avenue, expected to total $165m. 'This is a groundbreaking opportunity that marks the next chapter in the changing face of the eastern suburbs,' said his colleague, Paul Ephron. 'And it's changing for the better.' Given the huge windfalls possible, Punin says many Rose Bay vendors are queuing up to sell. 'Homes worth $7m are getting $12m to $14m depending on the property, which is incredible,' he said. 'A lot of the homeowners in Rose Bay don't even need the money, but they don't want to be surrounded by apartment blocks so they're selling up. 'Others are thinking they'll sell the big house, make some good money, and then buy a brand new apartment in the same spot ... they're thinking 'I love my village, I want to move back'.: Vaucluse MP Kellie Sloane, touted as a future Liberal Party leader, has been critical of the State Government's focus on Rose Bay for apartment developement saying it doesn't have a decent supermarket or a train line. But Punin is adopting a 'built it and they will come' approach. 'There will be a catch-up ... the area is going to be further developed with more facilities, and I hear on the grapevine there's another Coles coming,' he said. He also dismissed traffic concerns. 'If these apartments are selling for $5m to $7m, it won't be to young families, it will more likely be downsizers and retirees who probably won't be driving in peak hour.' Reflecting on the broader shift in Rose Bay, Ephron added: 'In over 25 years of working in Rose Bay, I've never seen a more exciting time. 'People say the market can't absorb 500 new properties—well, the world came back from a pandemic. 'Rose Bay is a resilient, robust, financial hub that will eat this up if it's done properly. 'If you run the right process and find the right developers with credibility, who will deliver a product with credibility, the end market will absorb it - comfortably.'
News.com.au
07-07-2025
- Business
- News.com.au
Legal row erupts over $26 million Sydney MAFS mansion
A legal row between multiple millionaires has erupted over the garage of a $28 million home in Sydney's eastern suburbs. David Waterhouse, an estranged member of the famous Australian horse racing dynasty, had plans to develop his garage into a 'self-contained dwelling' but had his plans shot down last week in the NSW Land and Environment after major pushback from his neighbours. The harbourside pink Spanish-style mansion, known as Villa Biscaya, sits on Tivoli Avenue in Rose Bay and has been featured on Married at First Sight, The Bachelor and The Voice. In 2007, a development application made by the former owners of Villa Biscaya was granted by Woollahra Council for 'alterations and additions' to be made to the garage. The works did not go ahead. However, in 2023, Mr Waterhouse decided he wanted the alterations to go ahead, submitting a modification to the originally approved application to the council, which was approved. Next-door neighbour Mr Mincong Huang took Mr Waterhouse to court as a result, arguing the new works were substantially different to those approved in 2007. The court heard how in December 2023, Mr Huang's lawyer Graham McKee wrote to council, noting that the amended plans increased the 'apparent visual bulk and locate[d] more of the development hard of the boundary of our client's property'. He also noted that 'the original consent was qualitatively and quantitatively different to the original development consent'. Mr Huang submitted to the court that the new application included 'the presence of a kitchen and bathroom' which was 'completely different' to the originally approved proposal, labelling it 'modification creep'. Justice Sarah Pritchard ruled that the development consent in 2007 could not be relied upon by Mr Waterhouse and declared it had formally lapsed in June 2012. Mr Waterhouse has sold Villa Biscaya to investment banker Michael Rothner, with the settlement to be concluded at the end of July. Mr Rothner moved into the property in January. However, the two men have been embroiled in their legal tussle with Mr Waterhouse accusing Mr Rothner's wife of cutting down trees on Mr Huang's neighbouring property. The Rothners have denied cutting down the trees.
