Gold Coast property spruiker, wife have assets frozen during probe

A flashy Gold Coast property developer and his glamorous wife have had their assets frozen by a Supreme Court judge after the corporate cop raised fears investor funds had been spent on personal expenses.

Ian and Sophie Chester (Facebook image)

A flashy Gold Coast property developer and his glamorous wife have had their assets frozen by a Supreme Court judge after the corporate cop raised fears property investor funds had been spent on personal expenses.

Justice Glenn Martin ordered this week that Ian Omar Chester, owner of Vested Property Group Pty Ltd, and his wife Sophie Sylvia Chester, who live in a $1.47 million home in Surfers Paradise, be banned from sending any assets overseas, selling property or transferring money from their bank accounts.

In making the orders in respect of Sophie Chester, the court was satisfied she had also dealt with investor funds, the Australian Securities and Investments Commission said in a statement.

Mr Chester did not contest the making of freezing orders against him.

Ian and Sophie Chester

Ian and Sophie Chester with baby Sapphire, born in May

The orders were made after ASIC applied to the court on July 13, four days after 13 of Mr Chester’s company were tipped into liquidation with liquidator Terry van der Velde of SV Partners appointed.

The companies were apartment developers, and an estimated 100 investors committed nearly $5.2 million to five of the now-failed companies.

A highly controversial scheme to build the first apartments on mansion-filled Sovereign Island was one of the casualties.

The orders will be valid until the case returns to court later this year.

ASIC’s investigation of the property development projects is continuing.

The full list of companies in liquidation is 19 RAI Investments Pty Ltd, 25 Horsington Street Pty Ltd, 27 Arafura Ave Pty Ltd, 30 Glen Pty Ltd, 34 Queens Road Pty Ltd, 490 Pty Ltd, Arafura2 Pty Ltd, Moorooka Glen Pty Ltd, Royal Albert Investments Pty Ltd, Royal Albert Investments 2 Pty Ltd, Royal Albert Investments 3 Pty Ltd, Vested Capital Pty Ltd, Vested Property Group Pty Ltd.

Ian Chester at a development site at Sovereign Island at the Gold Coast