Surf Coast luxury home of racing identity Bill Vlahos seized by creditors

THE family home of disgraced Connewarre racing identity Bill Vlahos has been seized by a bank but punting club creditors are unlikely to see much of the money.

The house of Bill Vlahos in Torquay.

THE family home of disgraced Connewarre racing identity Bill Vlahos has been seized by a bank but punting club creditors are unlikely to see much of the money.

It’s believed Westpac is foreclosing on the luxury Surf Coast property after Mr ­Vlahos defaulted on mortgage payments.

Mr Vlahos and wife Joanne fell more than three months behind with arrears totalling more than $12,000.

Westpac is set to commence enforcement proceedings, which include exercising a “power of sale” to seize and auction the property to recover what it is owed.

It is expected the five bedroom home will fetch about $1 million.

The sale proceeds will then be used to repay about $500,000 owed to Westpac.

Mr Vlahos’ trustee in bankruptcy, Clyde White of PCI Partners, holds a caveat on the property for up to $450,000.

But another caveat exists for a builder who claims he is out of pocket about $170,000 after carrying out renovations on the property.

Mr Vlahos’ property is incomplete, but was the family’s dream home.

The Torquay property was the family’s dream home but remains incomplete.

The home does not have a Certificate of Occupancy, which may affect the sale price.

Neighbouring homes in the exclusive estate have sold for $900,000 to $1.2 million.

Both Mr and Mrs Vlahos are listed as borrowers, although the property is in Mrs Vlahos’ name only.

PCI Partners has taken out a caveat on the property on the basis Mr Vlahos personally contributed significant funds to improvements made on the property.

Neighbouring homes in the estate have sold for $900,000 to $1.2 million.

Mr Vlahos, nicknamed ‘Dollar Bill’, is staying with friends and family members and wife Joanne is said to be working part-time to support the family.

The loss of the family home is a bitter blow for the fallen punting club boss who is under investigation by Victoria Police, bankruptcy trustees and Racing Victoria over the collapse of The Edge betting syndicate.

It went under in December owing investors more than $100 million.

When he spoke in March, Mr Vlahos denied he was a conman, saying: “I haven’t robbed or conned anybody. Absolutely not.”

Originally published as Surf Coast luxury home of racing identity Bill Vlahos seized by creditors