Corey and Prue Ireland’s Edgecliff apartment sold for less than purchase price
The Sydney pad of failed Ireland Angus breeders Corey and Prue Ireland has been sold, but the business’ creditors are unlikely to receive a cent from the sale. Find out how much they got for it.
UPDATE: THE fallout from the financial collapse of high profile Angus breeders Corey and Prue Ireland has continued, with the couple’s Sydney apartment selling for about $100,000 less than its purchase price.
The three-bedroom apartment in the affluent inner eastern suburb of Edgecliff, wedged between Rushcutter’s Bay and Double Bay, sold on Saturday for $1.68 million.
That was well below the $1.78 million price the Irelands paid for it in September, 2016, and at the lower end of a valuation by real estate group domain.com.au of between $1.65 million and $2.19 million.
A source told The Weekly Times Ms Ireland spent quite a bit of money on the apartment after the family trust company, CD & PJ Ireland Pty Limited, bought it.
Ms Ireland used the apartment while living in Sydney to run her decor business.
Her two sons were boarding at nearby Scots College.
A report by Andrew Bowcher and Tim Gumbleton, of RSM Australia and liquidators of CD & PJ Ireland Pty Limited, identified the Sydney property as being owned by the trust, with the Commonwealth Bank of Australia holding a first mortgage of nearly $1.7 million.
That meant CD & PJ Ireland Pty Limited creditors were unlikely to receive a cent from the sale of the apartment, as the bank would be entitled to all proceeds.
Mr Gumbleton confirmed creditors were unlikely to receive any funds from the apartment’s sale.
“We understand that there will be no return available to creditors of the trust from the property sale undertaken by the bank as mortgagee in possession,” he said.
The Irelands have also put their Ivydell property at Kyeamba, near Wagga Wagga, on the market at a price of more than $5 million — about two or three times higher than recent local farm sales.
Westpac Bank has a mortgage over Ivydell, but the property was not listed as a mortgagee sale.
A source told The Weekly Times Westpac would take over the property and its sale if it was not sold by Mr Ireland’s agent.
Mr Ireland is still working on the property at Kyeamba, while Ms Ireland has landed a job at a South Australian agency providing small businesses facing bankruptcy with advice.
Mr Ireland is facing eight charges of fraud and his case has been scheduled for a further mention in the Wagga Wagga Local Court on November 11.
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$5 MILLION ASKING PRICE FOR IRELAND PROPERTY
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