Jon Adgemis mother’s house repossessed, prepared for sale

The Sydney home embattled pub baron Jon Adgemis allegedly mortgaged behind his mother’s back has been repossessed by financiers to pay the debts of his crumbling empire.

2A Conway Ave, Rose Bay is now being prepared for sale.

The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers.

The six-bedroom home on a 567sqm block at 2A Conway Ave, where Mr Adgemis’s mother’s daughter and grandson had been living, now has signs on the doors saying “the mortgagee is in possession of this property”.

The note advises that the “mortagee has secured all doors and windows and will prosecute you if you trespass upon or in the property”.

It is understood the mother’s share of the house is not going to be impacted by action being taken against Adgemis.

There are padlocks on the gates, the property has been emptied of furniture and TVs have been pulled from the walls.

The Daily Telegraph reported last month that Mr Adgemis’s Public Hospitality Group has a whopping $500m in debts.

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Jon Adgemis. Picture: NCA NewsWire / David Swift

Signs on the doors advise “the mortgagee is in possession of this property”.

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A call around of eastern suburbs agents has revealed that Fred Small and Steven Zoellner of Laing and Simmons Double Bay have been appointed to sell it, and the property is now being prepared for sale.

Mr Small and Mr Zoellner have been approached for comment. They said they had no comment at this stage.

Reports emerged in late May in the Australian Financial Review alleging that the former KPMG dealmaker mortgaged the property behind his mother’s back.

Mr Adgemis’s mother had been in the Supreme Court trying to keep the property, as La Trobe Financial sought to claim it as part of efforts to recoup $6.2m that Adgemis borrowed to finance his business.

The Supreme Court heard that his mother “does not recall and has no record of ever receiving” any legal documents.

The house was purchased for $4.45m in 2018.

It’s now been stripped of furniture, with TVs ripped from the wall.

New padlocks have been added to the gate.

It was also alleged that the mortgage was taken without her knowledge or authority.

La Trobe had applied to the court to repossess the Rose Bay house, that last traded for $4.45m in 2018.

Double Bay agents estimate the property would now be worth between $7m and $8m.

The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue.

The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators as he faced hundres of millions of dollars in debt.

Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper ‘Bang & Olufsen’ waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance.

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Originally published as Jon Adgemis mother’s house repossessed, prepared for sale