Former rich list property developer Ross Makris is facing bankruptcy

Ross Makris, once dubbed the richest man under 40 in Australia, is facing bankruptcy proceedings in the Federal Court.

Editor's Note: The bankruptcy proceedings against Ross Makris were ultimately dismissed by the Federal Court in November 2021. The proceedings had been initiated by the former wife of Mr Makris in the form of a creditor's petition, sourced from the Federal Court by News Corp Australia.

Ross Makris, once lauded as one of the richest people in Australia with a personal fortune of more than $400m, is facing bankruptcy proceedings in the Federal Court.

Mr Makris is the son of formerly Adelaide-based property developer Con Makris, who owned the notorious former le Cornu site on O’Connell St for many years.

Con Makris has moved to Queensland in recent years, and has been selling down his commercial property portfolio.

Con and the wider Makris family were named on The Australian’s “Richest 250” list as having a net worth of $1.11bn.

Ross Makris was previously married to former Miss World Australia Olivia Stratton, with the pair eloping to New York in late 2013.

The pair have since divorced.

Ross Makris and Olivia Stratton got married in New York in late 2013. Picture: Raquel Reis

Ross told The Australian back in 2009, when his personal worth was listed as $420m, that he had learned the ropes from his father before striking out on his own into commercial and residential property.

Ross’s palatial Springfield mansion was sold last year after being listed for sale for the fifth time.

Mortgage documents at the time indicated Mr Makris bought the home at 9 Hillside Rd, Springfield, for $4.2 million in February 2008, and it had previously been listed for sale in 2011, 2012, 2015, 2018 and 2020.

The property has five bedrooms, four bathrooms, and an 18-car undercroft garage.

The Springfield property was the subject of a 2017 lawsuit launched by companies controlled by Con Makris, which warned it could be sold if payments on $4 million in loans secured to the property were not made.

Ross Makris's former house at Springfield. Picture: Roger Wyman

Title documents indicate mortgages to the companies involved, Balgra and Balgra Shopping Centre Management, still existed at the time of the sale.

The house also had a mortgage over it owed to the Commonwealth Bank, as well as the two Balgra mortgages.

It was listed without a sale price but the last time a price was quoted, in 2015, it was going for $4.8 million-$5.1 million.

Ross Makris is now facing a bankruptcy hearing next month, after a hearing on Tuesday morning in the Federal Court.

Stuart Otway of insolvency form SV Partners lodged the bankruptcy action against Mr Makris on August 12, filing an Affidavit of Service of Bankruptcy notice.

Neither Mr Makris nor his legal representatives attended court on Tuesday to oppose the bankruptcy petition, which was adjourned until November 16.

This was because Registrar Nicol Colbran was not satisfied that Mr Makris had been served with legal documents in the correct manner.

Registrar Colbran said there was no evidence on the court file that a Glenelg address was indeed Mr Makris’s address, and also that an email address was still active.

Counsel for SV Partners said that Mr Makris’s legal representative had agreed to accept service of the documents, however the registrar adjourned the matter so that further documents could be filed to substantiate the fact and the date of service.

Under Australian law, if a person is declared a bankrupt, they will have a trustee appointed to administer their bankrupt estate.

If a bankrupt earns over a set amount, they may be compelled to make payments to their trustee.

They also need permission from their trustee to travel overseas.

The trustee may also sell the person’s assets, and a bankrupt can only own a car worth less than $8150.

Mr Makris has been contacted for comment.