Brett Whiteley art in sights of Adam Gilchrist creditors

A Brett Whiteley artwork worth millions is the target of a potential seizing order against one of the co-founders of fitness behemoth F45.

Brett Whiteley’s painting, Bondi Beach, is the target of a potential seizing order against one of the co-founders of fitness behemoth F45. Picture: John Feder/File

A Brett Whiteley artwork worth millions is the target of a potential seizing order against one of the co-founders of fitness behemoth F45, who is set to have over $10m in assets frozen as creditors fight to claw back funds.

Court proceedings have been launched against former F45 chief executive Adam Gilchrist (not the cricketer), with proposed orders filed for consideration to secure assets – including a Whiteley masterpiece – to the value of $10,800,000, plus interest and legal costs.

Mr Gilchrist has disappeared from the public eye since the demise of the once cult-like company whose 45-minute classes focus on functional high-intensity interval and circuit training.

At the centre of the proposed freezing order is the painting Bondi Beach (1992) by the late Whiteley, with a similar piece by the artist selling for over $5.4m in 2016.

F45 Founder Adam Gilchrist. Picture: Getty Images

According to the proposed freezing order, any assets in Mr Gilchrist’s name including his F45 shares, a Porsche Speedster 911 and Porsche Panamera must not be removed from the country, sold or disposed of. Court documents state the vehicles could be in storage.

Private investigation firm Oracle Investigations and financial advisory firm Ironbark Advisory are behind the proposed orders, which have not yet been signed off by a judge or judicial officer.

The two directors of Ironbark Advisory, which has almost no online presence, are Michael Forrest and Brendan Wyhoon, who are both lawyers and work in the commercial litigation and insolvency space. Shareholders of Ironbark are Maverick Funding and Viper Funding.

Mr Gilchrist was bankrupted in 2011, with the bankruptcy ruling annulled in 2014 after the debts were settled.

After initial plans for a 2020 IPO were delayed due to the pandemic, F45 was finally listed on the New York Stock Exchange in July 2021 with a $2bn valuation.

Later that month the 44-year-old stepped down as chief executive following a “bloodbath” which saw the share price crash to just under $US3 from a high of $US17.28 in August 2021.

After leaving F45 he reportedly received a $10m payout and shortly after sold two northern beaches homes for $14m and $8m. He has attempted to offload another property at Wategos Beach in Byron Bay.

Friends say they have not been able to get in contact with Mr Gilchrist for many months, with some of the belief he is overseas.

Earlier this month Mr Gilchrist’s co-founder Rob Deutsch alleged to The Weekend Australian that actor Mark Wahlberg and other investors listed the gym on Wall Street so “they could pull their money out”.

“Wahlberg and his investment crew, they just listed it so they could pull their money out. It definitely wasn’t in the best interest of the business,” Mr Deutsch said.

From making $A42m in profit in 2017-2018, the failing organisation is now looking down the barrel of extinction. In August it posted a staggering $A55m quarterly loss, with more than 300 franchise sales cancelled. In 2019 the company was valued at $645m.

Mr Gilchrist’s lawyer was commented for comment.