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Paradise lost: Virtical pub empire’s problems have roots in Eden

Paradise lost: Virtical pub empire’s problems have roots in Eden

Neil Rankin thought he would fund his retirement after selling a small-town pub to a company involving John Palasty. Instead, it turned into a lengthy legal battle.

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After a long career as a commercial builder working up and down the NSW South Coast, Neil Rankin hoped selling a restored heritage pub to a Sydney developer who swept into his home town with multimillion-dollar plans would set him up for a quiet retirement.

Like many in Eden, a small port town at the very southern end of NSW, Rankin was initially charmed by John Palasty and his Virtical group’s plans to build a $100 million luxury resort, dubbed Sapphire of Eden, on the site of the former Fisherman’s Club.

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Larry Schlesinger
Larry SchlesingerReporterLarry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
David Marin-Guzman
David Marin-GuzmanWorkplace correspondentDavid Marin-Guzman writes about industrial relations, workplace, policy and leadership from Sydney. Connect with David on Twitter. Email David at david.marin-guzman@afr.com
Max Mason
Max MasonSenior reporterMax Mason covers insolvency, courts, regulation, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com

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Original URL: https://www.afr.com/property/commercial/paradise-lost-virtical-pub-empire-s-problems-have-roots-in-eden-20240925-p5kddp