Bank of Queensland launches court action to take possession of Stephen Marks’ Norwood mansion

His dream beach house was demolished before it was finished – now a notorious businessman’s historic Norwood villa is in the firing line.

His dream beach house was demolished before it was finished now a businessman could lose control of his opulent eastern-suburbs bluestone villa.

The Bank of Queensland is trying to take possession of a historic eight-bedroom Norwood estate from publican and former Marina St Vincent director Stephen Marks.

The bank has filed Supreme Court repossession action against the 171-year-old Foster Street villa’s registered owner Marks Developments Pty Ltd, of which Mr Marks is sole shareholder and his son Harrison sole director.

The 900 sqm house – on sale since March 16 through Booth & Booth – includes five bathrooms, a tennis court, swimming pool, expansive wine cellar, nine-car garage and is on nearly 2000 sqm of land.

The court heard last Wednesday that Mr Marks’ company had mortgage arrears of more than $1m and the outstanding loan was more than the property’s value.

The bank’s lawyer also told Master Graham Dart arrangements in 2015 had “not been complied with”.

The Norwood home belonging to Stephen Marks, which is being sold – but also being chased by the Bank of Queensland. Picture: The Advertiser / Morgan Sette

Stephen Marks is selling his Norwood house, which is also subject of a court action.

His layer Ron Bellman said his client was trying to refinance the debt.

Lawyer Ron Bellman, acting for Mr Marks’ company, said his client was about to refinance the debt.

Master Dart adjourned the matter until June 9 after earlier remarking “Mr Marks is always in the media one way or another”.

Mr Marks’ company bought the property in December 2005 for $922,000 financed by National Australia Bank, according to property title documents.

SA’s Commissioner of State Taxation placed a caveat on the property in November 2009, which was withdrawn a year later.

The property was refinanced with the Bank of Queensland in February 2013. The Commissioner of State Taxation took out another caveat on the property in July 2018.

There is also a caveat on the property registered to a relative of Mr Marks.

Stephen Marks is trying to sell his Foster St, Norwood house, which the Bank of Queensland is trying to repossess. Picture: Morgan Sette/The Advertiser

The Supreme Court hearing was on the same day that Mr Marks’ former unfinished beach house on Carrickalinga’s foreshore was demolished.

The Bendigo and Adelaide Bank took possession of the Gold Coast Drive property in March 2019. An Adelaide woman bought the property last February for what The Advertiser understands was $1.55m.

Mr Marks was appointed Marks Developments director in December 2005 and resigned in February this year. Harrison Marks was appointed sole director on February 2.

Mr Marks and his company New Wave Aerospace were evicted from managing the Marina St Vincent over unpaid fees to the State Government.

He also owes $207,000 to 75 berth owners who sued his company for mismanagement of the marina.