Essence of Cotton Tree owners front court over money, asset dispute

Two former real estate partners in a Sunshine Coast luxury apartment complex have fronted court amid a bitter falling out over the multimillion-dollar development.

Two former real estate partners have fronted court amid a bitter dispute over a luxury Sunshine Coast apartment complex.

Buderim man Ross Williamson, who was named in court documents as a company director for Rossang Pty Ltd, and David Bolton, who was named as a company director for Lakoteh Pty Ltd, fronted the Brisbane Supreme Court on July 29, 2022, after Mr Williamson filed civil proceedings against Mr Bolton of allegedly “refusing” to agree to transfer ownership of one unit and one retail space within high-end apartment complex, The Essence of Cotton Tree.

Mr Bolton, of Minyama, was also named by the Australian Securities and Investments Commission as director of Bolton Bros Pty Ltd – a Victorian family company, advertised on their website as Australia’s oldest office products and services provider.

He was contacted for comment but declined.

David Bolton and Ross Williamson have taken a bitter dispute over the luxurious Essence building in Cotton Tree to court. Photo: Erle Levey

Court documents state Mr Bolton and Mr Williamson bought and developed the complex in 2013 as business partners, however the partnership was now in the process of winding up and the two men needed to transfer agreed assets within the building.

According to court documents filed by Mr Williamson, they had agreed Mr Williamson would get a retail space on the ground floor of the complex, unit 702, their associated car spots, storage space and $637,500 in revenue; while Mr Bolton would get unit 602, its associated car spots, storage space and $1,042,500 in revenue.

The documents stated the retail space and unit 702 were currently in Mr Bolton’s name, while unit 602 was in Mr Williamson’s name.

The documents said it was agreed Mr Bolton would have a bigger share of the money because Mr Williamson would own more assets in the building.

But the documents state the revenue money was used to extinguish $1.68m in debt which meant Mr Bolton would not receive his cut.

Essence of Cotton Tree, corner Esplanade and Third Ave, Cotton Tree.

He responded to Mr Williamson’s claims saying in court documents he did not agree to transfer ownership on the basis it would not fulfil their partnership agreement without the revenue money.

Mr Williamson said in court documents he was “ready, willing and able” to make the property transfers to Mr Bolton, but Mr Bolton stood firm until he received the money.

Judge Melanie Hindman ordered the two parties transfer ownership of their agreed lots, and that Mr Bolton pay Mr Williamson’s court proceedings fees.

The Essence of Cotton Tree was described by Ray White Maroochydore as “Cotton Tree’s most exclusive building” with 19 units and associated parking and two retail facilities on the ground floor.

Originally published as Essence of Cotton Tree owners front court over money, asset dispute