City Beat: Peter Bond selling mansion as court looms, Tony Fung’s stake in Melbourne Cup

FACING the possibility of court sanctions, Brisbane bizoid Peter Bond has put his palatial riverfront spread on the market.

Peter Bond has put his “Rivergum Retreat” at Fig Tree Pocket up for sale. Pic: Anthony Weate

BOND BAILS OUT

FACING the possibility of court sanctions, Brisbane bizoid Peter Bond has put his palatial riverfront spread on the market.

The founder of collapsed Linc Energy and his wife shelled out $9.5 million in early 2009 for the enormous “Rivergum Retreat’’ mansion at Fig Tree Pocket.

Expressions of interest close December 2 but real estate sources told City Beat they would be very surprised if Bond can recoup more than he paid.

It probably doesn’t help that the seven-bedroom home, with nearly 2000sq m of living space across three wings, now has a history of ownership by troubled entrepreneurs.

Formerly bankrupt developer George Cheihk previously lived there and spent more than two years trying to offload it for $12 million.

Bond, who once had a $450 million fortune, was charged in September with three counts of failing to ensure Linc complied with the Environmental Protection Act.

He is fighting the case, which carries a maximum penalty for each charge of five years in prison and a $312,375 fine.

Regulators allege Linc, which crashed owing more than $300 million in May, is responsible for one of Australia’s worst environmental disasters.

Over the six years to 2013, the company operated an underground coal gasification project near Chinchilla which allegedly contaminated 175sq km of soil with toxic material, including some which is carcinogenic.

The State Government, which banned the UCG process this year, is also considering charges against another 14 Linc executives.

Estimates are it will cost $28 million to clean up the site and there are moves afoot to seek to secure a $5 million guarantee from Bond to help defray part of the expense.

Five charges of wilfully causing serious environmental harm have also been levelled against the now-defunct company.

Bond did not return a call seeking comment yesterday.

He returns to Dalby Magistrates Court at the end of the month.

STOPPING THE NATION

BILLIONAIRE Hong Kong developer Tony Fung and his son Justin Fung are sure to turn a keen eye to Tuesday’s Melbourne Cup.

The pair, who abandoned plans this year for an $8 billion casino mega-resort near Cairns, have got a partial stake in a roughie known as Grey Lion.

The horse trained at Fung’s Aquis Farm in the Gold Coast hinterland, a spread once owned by failed miner Nathan Tinkler.

Meanwhile, analysts expect Australian punters to fork out about $140 million this year on the so-called race that stops a nation.

But IBISWorld forecasters say interest in horse racing is waning as demand increases for other gambling options.

Attendance at last year’s race reached just over 101,000 but that was about 20,000 less than the peak year of 2003. The Melbourne Cup Carnival has also suffered with falling attendances.

SAFEST BET

SO, given that it’s the biggest day of the racing year in Australia, what sort of hedonistic marquee does Brisbane-based Tatts put on at the Melbourne Cup?

None, actually, according to Tatts chairman Harry Boon.

One issue is that rival (and proposed merger partner) Tabcorp backs racing in Victoria.

The other is that punters go nuts with their betting, so it wouldn’t be a good idea to have Tatts CEO Robbie Cooke and other execs swanning around Flemington racecourse if there’s a systems outage – think of the Census debacle. “It’s the biggest day of the year – at work,” Boon told City Beat.