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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.
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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