Sovereign Islands: Supreme Court standoff over site in exclusive enclave ends
A Supreme Court standoff between two major investors in the big-ticket Sovereign Islands is over, with the future of the site now decided.
Property
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A SUPREME Court standoff between two major investors in the big-ticket Sovereign Islands is over and the multimillion-dollar chunk of land at the centre of the tussle is on the market.
The contestants in a squabble that has lasted more than two years have been the land’s owner, Jenny Karananos, and buyer The Development Collection.
Jenny’s name has been on the title of multiple properties at Sovereign over the years and The Development Collection team of Matthew and Joanna Malec four years ago built a $20 million portfolio in the estate.
Three years ago the Malec ambitions stretched to a double lot that was on the market in Brittanic Crescent, land bought by Jenny from a company directed by hubby Clint Lucky Karananos.
She paid $2.4 million a decade ago for the two-title 2120 sqm holding, which Clint’s Marktop had bought for $3 million in 2003.
The Development Collection in August 2020 signed up to buy the land for $4.95 million.
Things went awry when the company wanted to change the name of the buying entity to trustee company La Costa D Oro.
The Karananos camp agreed to issue a new contract but boosted the price of the land to $5.25 million.
The upshot was that two days prior to Christmas in 2020, La Costa D Oro lodged caveats over the land.
Jenny went to the Supreme Court to get the caveats removed but failed.
The fight continued until early this month when, as court actions by La Costa and The Development Collection targeting Jenny were heading for trial, the proceedings were ‘discontinued’.
No reason has been given for the move but the land remains in Jenny’s name.
The land quickly was put on the market after the ‘discontinuance’ and is being described by agents as a ‘coveted’ opportunity to acquire either one or both of the ‘blue-ribbon’ waterfront blocks.
No price has been specified but, given a surge in Sovereign land prices, a sale is likely to be at a figure north of the earlier $5.25 million Jenny was seeking.
Meanwhile, former Sydneysiders Clint and Jenny have been successful both in business and property on the Gold Coast over the past 20 years or so.
Mayneline Joinery was started in 2005, supplying kitchens for luxury high-rises along the eastern seaboard.
The Arundel business was built up over 12 years and in 2017 was sold to the Built construction group.
Other Karananos property forays have included a commercial project at Bundall and a $6.78 million development site at Marina Quays on Hope Island.
The couple call a mansion in Sovereign’s Knightsbridge Pde East home and Jenny owns an adjoining vacant double lot, a home in The Sovereign Mile, and the Brittanic land.
Their sparring partners, the Polish-born Malecs, hail from Melbourne, where Matthew started a transport business that expanded into the US.
Their Sovereign activities have included both buying and selling properties, while an apartment project in Paradise Point’s Falkinder Ave is a Malec venture.
At one point their holdings, in money terms, rivalled those of billionaire Clive Palmer.
The Malecs also have stepped into the supermarket business.
RAKING THE BREAD
FRANK Goldstein, veteran baker, and family have topped up their ‘bread’ cupboard by a far from crumby $6.156 million as a result of the sale of their Southport base.
The Olsen Ave property, occupied by the Goldstein bakery for 26 years, was sold post-auction in November but the price and the buyer’s name were kept under wraps.
That buyer is Singh Properties, owned by Hope Island residents Jarnail and Teja Singh, and whose commercial investments include a $13.2 million broiler chicken farm.
BOUTIQUE BUY BY THE SEA
MICHAEL Sullivan, who heads a Brisbane business that sells everything from sewing accessories to scrapbooks, has zipped into Main Beach and made an $8.05 million buy.
He and wife Glenda have paid $8.05 million for a full-floor apartment in boutique beachfront address SEA, the second highest figure achieved in the building.
The property was sold by retail-hub developers Daniel and Kylee Burke, who bought it from the developer for $4.95 million in 2018.
STEPPING INTO THE STABLE
ROSS Lao, a Hong Kong bloodstock agency chief and owner of a multimillion-dollar Gold Coast home, has spent $5.363 million putting a hoof on stables in the Gold Coast equine precinct.
The 43-year-old Ross, also known as Chi Hang Lao, has emerged as the mystery bidder who won a contest for adjoining former Gundaroo Stud titles in January.
Ross, who bought a Broadbeach Waters home for $2.95 million in 2017, apparently intends setting up his own operation at the stables, one that will be headed by a Sydney trainer.
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