This article is from the Australian Property Journal archive
BILL Lewski, the former founder of Prime Retirement and Aged Care Property Trust, has snapped up golfer Adam Scott's Surfers Paradise apartment for a bargain.
Scott has sold his ground floor apartment at the exclusive Jade tower for $1.94 million – $2.5 million less than the $4.4 million he paid in 2004.
In 2004 he bought two apartments off the plan for $4.4 million apiece and the first one was traded for another property in 2007, valued at $5.9 million.
The US Masters winner has been trying to sell the apartment since 2010 and was asking for $4.9 million.
The buyer is Bill Lewski, the founder and former director of Prime Retirement and Aged Care Property Trust (Prime Trust), which collapsed in 2010 owing investors $550 million.
Recently the Federal Court found Lewki along with four other directors, including former federal health minister Michael Wooldridge, Peter Clarke, Mark Butler and Kim Jaques, breached various duties as directors, including the responsibility to act in the best interests of scheme members.
ASIC is seeking financial penalties as well as orders banning the directors from managing companies. The Court can order a maximum pecuniary penalty of $200,000 to be paid by each director in respect of declarations of contravention.
Property Review
