An incomplete Eraring, Lake Macquarie, trophy home rebuild construction site, once the sought-after trophy home known as Mandalay, has been listed for August 20 auction amid a matrimonial property carve up.
The former luxury six-bedroom, six-bathroom home, with 14-car garage, is listed as a gutted abode that is unlivable. The property sits on a 2.7ha peninsula holding with 481m of waterfront.
Located on Foreshore Street, Nina Sokolov of Raine & Horne holds the listing. It last sold in August 2020 when Compass Helicopters boss Graeme Thomas secured a record sale with six bidders.
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It’s $6m purchaser was the Changjin “John” Li-directed One Lake Macquarie Pty Ltd which has been in liquidation since last December through Bradley Tonks, an insolvency partner at PKF.
The NSW Supreme Court ordered liquidation after his now-estranged wife Meihong Yang secured court orders for the appointment of the liquidator.
Property records indicate that One Lake Macquarie owns two properties on Lake Macquarie, including another three doors down which cost $3.1 million in 2021. It is also up for August 20 auction through Sokolov.
There are caveats on the titles, aimed at protecting the interests of Changjin Li, who hails originally from Jiangxi province. Li is the intensely private Point Piper-based Kingland Gold entrepreneur.
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One of Li’s caveats was registered noting “fear of improper dealing”.
Its registered financing is through Athena Rose Capital, which is an associated company directed by his former first wife, Changren Cheng.
Justice Kate Williams noted last month there had been an attempted sale to an associate of Li “at an apparent undervalue, immediately prior to the provisional liquidators’ appointment, which they had not permitted to complete”.
In 2020, Changjin Li signed up on extended settlement terms to pay $95m for the Point Piper harbourfront, Edgewater, which still remains under the ownership of the Katies fashion retail founder Joe Brender and the family of his late business partner, Sam Moss.
According to PropTrack, only three houses have been sold in Eraring over the past 12 months.
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Originally published as Bitter battle over unlivable trophy home
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