Excite Travel boss Nicholas Stavropoulos enjoys lavish lifestyle despite company collapse
His company collapsed in 2020 owing more than $35 million to creditors, but Excite Travel boss Nicholas Stavropoulos has thrown an extravagant 50th birthday bash for his wife.
NSW
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What a difference two years can make.
His failed travel company collapsed in 2020 owing more than $35 million to creditors, but Excite Travel executive director Nicholas Stavropoulos’ life goes on in lavish style.
Fresh from a month’s sojourn in Europe, Stavropoulos has thrown an extravagant 50th birthday bash for his wife Litsa.
No expense was spared for the soiree, which took place at the State Library on Saturday night and was rumoured to have cost well into the $100,000s.
Real Housewives of Sydney cast member Victoria Montano and stylist Mars Marsanic were among those at the black-tie, masked ball.
Stavropoulos has done his best to fly under the radar since the collapse of his business by shunning a social media account, however Litsa has been snapping and posting the couple’s luxurious lifestyle on Instagram.
Litsa (widely considered one of the nicest women among the eastern suburbs clique) shared a snap of herself and husband travelling on the back of a superyacht in Greece in recent weeks captioned: “The little things. The simple things.”
KPMG records from 2021 stated that administrators were estimating unsecured creditors would get $0.02 per $1 back.
At the time, Stavropoulos and co-founder George Papaioannou expressed “deep regret as to the impact to agents’ and passengers’ arrangements over the past few weeks”.
There is no suggestion either they or the company did anything wrong.
However the couple have been criticised by even those close to them for displaying their wealth after the company collapsed.
“They were globetrotting around Europe this winter, posting images dressed in Dior,” one insider said.
“So many people lost their hard earned money when Excite Travel collapsed”.
It was reported in 2020 that administrator, Morgan Kelly from KPMG, said $35.1 million was owed by travel wholesaler Excite Holidays to its creditors.
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