Jon Adgemis’ dream yacht sold to as Public Hospital Group navigates stormy waters
The yacht that was the symbol of rainmaker Jon Adgemis’ success has been sold, as the former pub baron tries to keep his empire afloat in the face of $500m in debts. Here’s how it all went wrong.
NSW
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The 28m motor yacht Hiilani that was the symbol of Sydney rainmaker Jon Adgemis’ success has been sold, with creditors saying it shows the former pub baron flew too close to the sun.
At the height of building his Harbour City empire, the former KPMG deal-maker hosted extravagant parties on the wooden deck of the Italian-built yacht that was once owned by Hollywood star Shirley Temple.
But The Sunday Telegraph can reveal the boat sale is the latest casualty in Mr Adgemis’ attempt to keep the remnants of his Public Hospitality Group (PHG) pub empire afloat in the face of $500m in debts.
The Commonwealth Bank was the first ranked creditor for The Yacht Pty Ltd and appointed receivers to sell the vessel, which was built in 1974 and is still listed for hire on Sydney Harbour at $1750 an hour.
They confirmed the yacht had been sold but that the new owners did not want any publicity. It is listed as selling for $1,050,000.
In the meantime, Mr Adgemis has been battling to keep at least part of his empire – which at its height included 20 pubs – out of the hands of liquidators.
When asked about the yacht, a spokesman for Mr Adgemis said his priority was to ensure staff were paid, not luxury items.
Celebrity chef Luke Mangan said the collapse of Mr Adgemis’ pub group had created a wonderful opportunity for other pub barons to “pick up some of those properties on the cheap”.
“The vision had great potential, but obviously not enough capital to make it happen,” Mr Mangan said.
Fellow star chef George Calombaris said he had “arm’s length” dealing with Mr Adgemis at Alpha Restaurant in Castlereagh St, but that it had been concluded without incident.
“I think that was a sliding doors moment for me and there was nothing to make me worry,” he said.
That was not the experience of the Hellenic Club, which owned Alpha Restaurant and Beta Events.
The Hellenic Club claims it was left holding the bill for $1.6m in deposits for weddings when Mr Adgemis’ financial world collapsed.
PHG had previously won a tender to operate the club but parted ways with the upmarket Castlereagh St eatery in June 2024 by mutual agreement.
Hellenic Club president Nick Hatzistergos said Mr Adgemis has “burned his reputation” in the Greek community.
“We were left owing $1.6 million in deposits for weddings,” he said.
“We could not go to families who had paid up to $40,000 for their daughter’s wedding and say they had lost the money so we made the decision to pay it ourselves.
“It placed a very heavy financial burden on us.”
Mr Adgemis’ spokesman said Mr Hatzistergos’ version of events is “simply not true”.
Mr Adgemis’ attempt to keep venues including Oxford House, The Exchange, The Norfolk, The Strand Hotel and Camelia Grove Hotel in Sydney has had one of his companies pay $600,000 to cover superannuation payments for 150 Public Hospitality Staff.
Staff are still owed $6.7m that needs to be paid by July 31.
Duncan Clubb, from administrator BDO, said Mr Adgemis had accumulated his portfolio of pubs when financing was cheap and had been caught out by the increased cost of borrowing following the Covid pandemic.
“The model was broken. He went on a buying spree and ended up with a portfolio of pubs that were over leveraged,” Mr Clubb said.
“He then continued to double down and borrow more.”
“He is not a detail kind of guy.”
Mr Clubb said Mr Adgemis had “flown too close to the sun” rather than acted in bad faith.
“I cannot point you in a direction where he has done the wrong thing,” he said.
Mr Adgemis’ spokesman said the $6.7m owed to staff was to be provided by private lender Archibald Capital – well before the due date.
“Mr Adgemis is pleased that he is able to deliver an outcome, which enables staff to be paid 100 cents in relation to their super and other entitlements,” the spokesman said.
Mr Adgemis has moved out of the luxurious “Bang & Olufsen” house owned by Chinese textile millionaire Jerry Yafu Qiu in Point Piper.
He is now staying at the Bondi apartment of billionaire fund manager Will Vicars.
His money woes, which include being sued by Georges River Council for unpaid rates, have also extended to him allegedly mortgaging his mother’s $10m Rose Bay home without her knowledge.
La Trobe Financial is attempting to seize the house to help pay off Mr Adgemis’ $6.2m debt but documents filed in the NSW Supreme Court allege Mr Adgemis’ mother “does not recall” receiving any legal documents.
Mr Adgemis’ spokesman denied these reports about the Rose Bay home, saying it is owned by Mr Adgemis and his mother.
He would not elaborate further as the matter is before the court.
Meanwhile, Mr Adgemis’ personal life has been the subject of constant change as well.
In February 2008, he and his then wife, lawyer Anellie Manolas, appeared in a short news report when they listed their four-bedroom Paddington home for sale.
By November 2008, Mr Adgemis was linked to TV presenter Karen Tso, who opined at the time: “He’s this incredible, perfect guy. Tall, dark and handsome and just so focused.”
Then in 2015, Mr Adgemis was dating model Cheyenne Tozzi, sometimes likened to “the next Elle Macpherson”, however by 2017 that relationship had fizzled out.
More recently he was linked to model and actor Megan Mackenzie.
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