Concert promoter Phil Rankine lists Tranmere home for sale
Beleaguered concert promoter Phil Rankine has put his house on the market. But the seven-figure asking price is unlikely to net him a cent.
SA Business
Don't miss out on the headlines from SA Business. Followed categories will be added to My News.
- Rankine companies owe more than $20m to SA identities
- Are you missing out on your latest subscriber exclusive rewards?
Failed concert promoter Phil Rankine’s $1.5 million Tranmere house is up for sale – but the entrepreneur who owes an estimated $20 million-plus is unlikely to see a cent.
The “Hamptons-style” luxury home, replete with swimming pool, double garage, and a walk-in linen press on a 1023sq/m block, has a mortgage and four caveats on it, with one lodged by the liquidator of Rankine’s companies.
The other three were lodged by North Adelaide conveyancer Alex Dianos who has claimed he is owed $5.9 million.
The home’s 2015 transformation was detailed by Rankine and former wife Amity Dry on their now defunct blog, doingourblock.com. The couple came to prominence after winning the inaugural season of hit television show The Block in 2003, and Ms Dry is a successful entertainer in her own right.
Rankine was for many years the foremost concert promoter in Adelaide, bringing acts such as Florence + The Machine, Phil Collins and Bon Jovi to the state.
His business affairs unravelled this year however, with a Supreme Court action over debts of more than $4 million claimed to be owed to a European consortium and total claims of more than $20 million, including to Adelaide identities such as former Crows player Mark Ricciuto and members of the Kidman family.
The liquidator of a number of Rankine’s companies, Martin Lewis of KPMG, is currently compiling a liquidators report into the companies’ affairs.
Rankine was the original promoter of the two Elton John concerts in Adelaide next week, however Chugg Entertainment has since taken over their management.
Rankine has never responded to numerous requests from The Advertiser to detail how he came to be in dire financial straits and creditors remain in the dark about how the situation deteriorated so badly.
An earlier administrator of Rankine companies said there was no cash in the bank accounts and “no real assets to pursue”, hence it was important that the Elton John concerts went ahead successfully.
MORE NEWS:
Space Events forced into liquidation
Adelaide’s biggest concert promoter sued for $4m
The Tranmere house has four bedrooms and two bathrooms, and is described by the selling agent as a “Commanding, refreshing and stunning Scott Salisbury home”.
“This is a remarkable accomplishment in family excellence. Beyond the picket fence, exquisite facade and return verandah, the crisp white interiors provide the impetus for an uncompromised family lifestyle.
“Bathed in natural light, the living domain features a stone facade gas fireplace, extensive joinery and stars a gourmet Caesarstone kitchen with island bench … and is optioned up with an oversized kitchen sink and statement gooseneck tap, plus an adjacent custom-crafted butler’s pantry.
“Simply Sensational, Simply Wow and Simply You”
Offers on the property are open until December 17.
cameron.england@news.com.au