He won over Asia's savviest investors before a $100m collapse

Michael Gu, a 32-year-old former mobile phone salesman from Western Sydney, travelled in private jets and drove fast cars but has left a trail of failed deals.

Iririki Island Resort in Vanuatu was one of Michael Gu's deals that never eventuated.

Angus Grigg and Ingrid Fuary-Wagner

Jul 24, 2020 – 2.04pm

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It was the Melbourne Cup Carnival of 2018 and Michael Gu was behaving as he often did – extravagantly.

The 32-year-old founder of collapsed property group iProsperity had assembled friends, staff members, contacts and the son of at least one billionaire on a private jet headed south.

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Angus GriggNational affairs correspondentAngus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards.