Pets Paradise founder Gary Diamond's Gold Coast mansion listed for mortgagee auction
The Gold Coast waterfront home of Gary Diamond has been listed for mortgagee auction after his Pets Paradise businesses went into receivership in July.
The Paradise Waters property, with 20 metres of water frontage and its own beach, has reportedly been empty since its completion four years ago.
Ray White Prestige Gold Coast agent Robert Graham and Michael Willems have scheduled the four-bedroom Admiralty Drive mansion for November 29 auction. It had been briefly listed last year and for an extended period in 2009 through the Lucy Cole agency. It had $3.75 million expectations on its initial 2008 listing.
PPB Advisory's David Leigh and Grant Sparks, the receivers, are selling the house to recoup some of the estimated $11 million owed to Bank of Melbourne.
Diamond bought the 733-square-metre block for $2 million in 2006 before commissioning the house, which was finished two years later.
Other properties Diamond owned, mostly warehouses in Victoria used by the Pets Paradise businesses, are also being sold off by PPB Advisory.
It was also reported by Fairfax Media that Diamond's Melbourne home in Harkaway was subject to a high-interest second mortgage taken out by his lawyers.
This article first appeared on Property Observer.