Gold promoter David Catsoulis’ mansion sold off as company placed in liquidation
Gold promoter David Catsoulis’s waterfront mansion on the Gold Coast has been sold after his company which owns it was placed in liquidation.
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Gold promoter David Catsoulis’s waterfront mansion on the Gold Coast was sold at auction on Thursday for $3.6m after the company which owns it was placed in liquidation.
The property, on King James Court, Sovereign Islands, was owned by a company called King James Court, which Mr Catsoulis is the sole director and shareholder of.
The company was placed in liquidation in early August, with a document lodged with the corporate regulator ASIC indicating that a company called EI 117 held a mortgage over the property.
The directors of that company, Damianti Lama and Marcello Pinto were contacted for comment but did not reply.
The receiver and manager of the property was appointed “by instrument’’, with that instrument being a mortgage, dated 14 March, 2023, the ASIC document shows.
The property was previously last sold on January 9, 2022, for $3.7m, and property records indicate it was listed for sale for more than $5m for much of 2022.
The five bedroom, five bathroom house was listed for sale via auction on September 28, with the listing saying it “Must sell at public auction’’.
“Located in King James Court, this signature waterfront estate is the perfect sanctuary for relaxation or entertaining family and friends, the choice is yours!’’ the listing says.
“The home offers every luxury appointment you can imagine, including presidential sized bedrooms with ensuites and walk-in robes, multiple living and dining areas, high ceilings, ducted airconditioning, stone benches, stainless steel appliances, a spacious swimming pool and stunning outdoor entertaining areas overlooking the wide water canal (to name a few).
“There is a separate teenage retreat or exclusive guest room and a large separate study located on the ground level, making a total of 5 bedrooms and 5 bathrooms in this magnificent home.’’
Mr Catsoulis, after asking “Why is that any of your business’’, said the house was being sold to support his other business endeavours.
“It’s by agreement with the current lender that we’re moving to sell it and the reason I’m selling it is to support the projects that I’m involved in,’’ he told The Australian before the house was sold.
Mr Catsoulis has, for the past couple of years, been promoting gold and precious metals projects in Papua New Guinea and Queensland which he says are worth tens, if not hundreds, of billions of dollars.
The company promoting these projects, Warwick Gold Holdings, has twice been briefly placed into administration this year, and is yet to legally be registered as the holder of the Queensland tenements it agreed to acquire from listed company Thomson Resources for $3.5m in December last year.
Mr Catsoulis said the tenement package was “in the process of being transferred” and negative publicity from The Australian was in part to blame for delays.
Mr Catsoulis said in August that Warwick Gold was considering a $250 per share buyout offer, which given the company has 8.9 million shares on offer would value it at $2.24bn.
Warwick’s main assets are the Twin Hills and Silver Spur projects in Queensland, and a gold project in the Maprik region of PNG, which associated company Impact Gold once described as “one of the greatest potential gold discoveries on Earth’’.
While Thomson was keen to offload the Queensland projects because of their high holding costs and because they did not satisfy its “techno-economic evaluation” process, Warwick claims to have identified the potential for a “conservative’’ estimate of a multibillion-dollar resource.
Mr Catsoulis’s fundraising activities are understood to be receiving scrutiny from ASIC.
The liquidator of the King James Court company was contacted for comment.
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