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Leonie Lamont
March 17, 2012 Read later
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Albert Bertini fall out with joint venture partner Crowe.
THE fortunes of the flamboyant property developer Albert Bertini, in his joint venture with the South Sydney football club owners Russell Crowe and Peter Holmes a Court, have come crashing down following the appointment of a receiver.
The National Australia Bank moved earlier this month to appoint insolvency firm KordaMentha as receiver. It is the final chapter of the redevelopment saga, which was delayed by years and saw a falling out between Mr Bertini and Mr Crowe.
A KordaMentha partner, David Winterbottom, said late yesterday that he would seek tenants for the remaining vacant space in the Chalmers Street headquarters of the Rabbitohs, and then ''there will be a sale process''.
The National Australia Bank holds a mortgage debenture over the joint venture company that developed the Redfern site - dubbed Souths on Chalmers - which also gives it access to any cash and other assets of the joint venture that would not be covered by a mortgage.
The company, which houses the joint venture High Concept Commercial Pty Ltd, comprised a 50 per cent stake by Mr Bertini's company, Trivest Pty Ltd, with the remaining 50 per cent held by Mr Crowe, Mr Holmes a Court, and a minority stake by members of the football club.
Late yesterday, the chairman of South Sydney Football Club, Nick Pappas, said neither the members nor Mr Holmes a Court and Mr Crowe had any exposure to the bank.
''[Trivest] procured funding for the venture from the NAB, it is a non-recourse against the club,'' he said. ''This is a story of a developer who goes into a joint venture, assumes all the risk and management, and unfortunately goes through hard times, but thankfully completes the building in large part.''
Officials from the South Sydney Leagues Club did not return calls from the Herald.
Mr Bertini's business has been the subject of speculation since he relocated to France late last year, selling his Mosman mansion and several other properties. While he had paid a record $22.5 million for the house, it sold for $18.5 million in December.
Trivest, which at its peak was reported to be worth $400 million, has been unable to finish a number of projects including Souths. Yesterday, phone calls to Trivest's offices during business hours went unanswered.
Read more: http://www.smh.com.au/business/rabbi...#ixzz1pJNZtO1D
March 17, 2012 Read later
.
Albert Bertini fall out with joint venture partner Crowe.
THE fortunes of the flamboyant property developer Albert Bertini, in his joint venture with the South Sydney football club owners Russell Crowe and Peter Holmes a Court, have come crashing down following the appointment of a receiver.
The National Australia Bank moved earlier this month to appoint insolvency firm KordaMentha as receiver. It is the final chapter of the redevelopment saga, which was delayed by years and saw a falling out between Mr Bertini and Mr Crowe.
A KordaMentha partner, David Winterbottom, said late yesterday that he would seek tenants for the remaining vacant space in the Chalmers Street headquarters of the Rabbitohs, and then ''there will be a sale process''.
The National Australia Bank holds a mortgage debenture over the joint venture company that developed the Redfern site - dubbed Souths on Chalmers - which also gives it access to any cash and other assets of the joint venture that would not be covered by a mortgage.
The company, which houses the joint venture High Concept Commercial Pty Ltd, comprised a 50 per cent stake by Mr Bertini's company, Trivest Pty Ltd, with the remaining 50 per cent held by Mr Crowe, Mr Holmes a Court, and a minority stake by members of the football club.
Late yesterday, the chairman of South Sydney Football Club, Nick Pappas, said neither the members nor Mr Holmes a Court and Mr Crowe had any exposure to the bank.
''[Trivest] procured funding for the venture from the NAB, it is a non-recourse against the club,'' he said. ''This is a story of a developer who goes into a joint venture, assumes all the risk and management, and unfortunately goes through hard times, but thankfully completes the building in large part.''
Officials from the South Sydney Leagues Club did not return calls from the Herald.
Mr Bertini's business has been the subject of speculation since he relocated to France late last year, selling his Mosman mansion and several other properties. While he had paid a record $22.5 million for the house, it sold for $18.5 million in December.
Trivest, which at its peak was reported to be worth $400 million, has been unable to finish a number of projects including Souths. Yesterday, phone calls to Trivest's offices during business hours went unanswered.
Read more: http://www.smh.com.au/business/rabbi...#ixzz1pJNZtO1D
