Money in the bank from Irelands Angus Ivydell property sale

While the sale of Corey and Prue Ireland’s Ivydell property has been settled, there is speculation about the future of their Angus breeding operation.

The sale of Ivydell has been settled, The Weekly Times understands.

THE sale of Corey and Prue Ireland’s Ivydell property at Kyeamba in NSW has been settled, with Westpac Banking Corporation holding the proceeds in an account in the Angus breeders’ names.

A number of parties are eyeing off the property sale proceeds — believed to be $4.2 million — along with an unknown amount derived from the wind-up of the Irelands Angus cattle herd late last year.

They include Westpac, which had a mortgage over the property, along with at least two parties with caveats over any sale: East Gippsland beef producer Peter August and Rabobank subsidiary De Lage Landen.

A source told The Weekly Times sale of the 171-hectare property was settled last Thursday.

It is understood beef and sheep producer Ian Reid, of Galore, northwest of Wagga Wagga, bought the property late last year.

In the NSW Supreme Court yesterday, Westpac senior account manager Stephen Krise said the bank had received the Ivydell sale proceeds, holding them on deposit in the names of Corey and Prue Ireland as trustees of the Ireland Family Trust.

Under cross-examination, Mr Krise agreed the bank — which was a major creditor of the Irelands Angus business — did not apply to the courts last year to repossess Ivydell but had an agreement with the Irelands to hold the proceeds on deposit should the property be sold voluntarily.

The Irelands’ Angus business failed in November, 2019, owing dozens of creditors more than $13 million.

It is not clear whether Mr Ireland intended to resurrect the breeding operation.

On August 24 last year, he registered the business name Ireland’s Angus — a variation of his previous operation, Irelands Angus.

In recent weeks, a new sign went up at Ivydell in the new business name Ireland’s Angus, with locals speculating whether or not Mr Ireland intended to restart the breeding operation.

But less that two weeks ago, the sign was pulled down, leaving the poles still standing.

Mr and Ms Ireland have been charged with criminal offences of failing to hand over the Irelands Angus books over to the liquidators of their trustee company and their case is scheduled for a mention in the Sutherland Local Court in southern Sydney this morning.

Mr Ireland is also facing 13 fraud charges, with a committal hearing listed for the Wagga Wagga Local Court next week.

The Director of Public Prosecutions took over the handling of the case from NSW Police last December.

MORE

IVYDELL PROPERTY SOLD

DPP TAKE ON COREY IRELAND FRAUD CASE

RISE AND FALL OF IRELANDS ANGUS