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Judge asks for low real estate prices in Papas

Bill Papas’ business partner plans to sell a home in Sydney’s Inner West, subject to a freeze order, at a knockdown price, alleging Westpack accusing Papas and his partner of fraud. The court heard that it had been filed.

A strange reversal of the value of Rosell’s majestic mansion is noticed by Judge Michael Lee, who heard an application to freeze assets that Westpack allegedly purchased with $ 400 million in fraudulent proceeds on Friday. It never happened.These included a Miami yacht Age When Sydney Morning Herald It was revealed earlier this month that it was actively for sale.

Rosell’s house was stopped on the market for bargain prices. credit:Sydney Morning Herald

Westpac and two other lenders, Société Générale and Sumitomo, have filed a civil suit in federal court alleging that Papas, his business partners Vince Tesoriero and Forum Finance have deceived the $ 400 million lender.

“I didn’t get off in the last shower,” said Judge Lee, who was clearly frustrated when he heard that Tesoliero had signed an agent selling real estate purchased in 2018 for $ 4.1 million. One million to 3.3 million dollars.

“It’s Rosell’s only real estate, purchased for $ 4.1 million in a business-to-business transaction in 2018, and must be maintaining its value or declining in value,” the judge said. .. The property is owned by Tesoliero, trusting Papas and himself.

Westpack’s lawyer, Jeremy Giles, and SC agreed with Judge Lee.

“That’s our point, your honor. Our clients have the resources to do desktop ratings, estimated at $ 4.3 million to $ 5 million, but recognize the limits of desktop ratings. We do, “said Giles.

“Proposed marketing price given to us [Westpac] That was $ 3.1 instead of $ 4.1 million [million] Up to $ 3.3 [million]..It’s said to be a mistake and I think it will be between $ 3.50 [million] And $ 3.7 [million].. “

Judge Lee said the sale price “warns given what’s happening in Sydney’s real estate market over the last three and a half years.”

Judge asks for low real estate prices in Papas

Source link Judge asks for low real estate prices in Papas

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