THE full extent of Rick Stowe’s cash squeeze has become clear, with the Monaco-based tycoon being forced to put his prized Bullsbrook estate on the market in the wake of the $1 billion collapse of his Griffin Coal empire.
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THE full extent of Rick Stowe’s cash squeeze has become clear, with the Monaco-based tycoon being forced to put his prized Bullsbrook estate on the market in the wake of the $1 billion collapse of his Griffin Coal empire.
As reported first by WA Business News’ Daily Business Alerts, prestige property agent Willie Porteous is understood to have been given an exclusive mandate to sell the massive Devereaux Farm, where Prince Harry famously played polo in 2003.
Mr Porteous also sold another prime Stowe-owned residence on the Swanbourne beachfront just 72 hours after it was listed this week, as the fire sale of Stowe’s property assets shifted into top gear.
The Swanbourne property, at 26 Odern Crescent, was first advertised on the weekend, and reached the asking price of more than $7.85 million in less than three days. The sale is believed to be the highest value residential property sale in WA so far this year.
A trust company linked to Mr Stowe, Stofam, took ownership of the house from former Perth Lord Mayor Sir Ernest Lee-Steere in January 1999, for a purchase price of $1.45 million.
At the time, Sir Ernest reportedly confirmed the proceeds of the sale were used to settle legal action he was fighting against the liquidator of the collapsed Duke Group.
Meanwhile, it is understood Mr Porteous is seeking $70 million for Devereaux Farm.
If achieved, it would easily eclipse the national sales record set by Mr Porteous late last year when he sold iron ore heiress Angela Bennett's Mosman Park mansion for $57.5 million.
Meanwhile, Mr Stowe's sprawling beachfront property at Bunker Bay has been listed on the market since October for $20 million.
The oceanfront development site, which was to be developed into a resort, is adjacent to another Stowe owned property, Quay West Resort, and was put on the market in October for $20 million.
The north-facing 16.2 hectare property on Cape Naturaliste Road boasts 400 metres of coastline.
Mr Stowe has been lobbying for a number of years to have the block and a 60 hectare adjoining property, also owned by the embattled coal tycoon, rezoned for a residential subdivision.
The shire of Busselton has opposed development because of the scenic value of the land.
Other Stowe property projects include Dunsborough Lakes, south of Perth, Roselea Estate to the north, and cattle properties across the state, which farm Angus and Wagyu beef primarily for Asian markets, particularly Japan.
Mr Stowe’s fortune was estimated last year to be more than $700m, made from coal, energy, property development, beef production, office products and the leasing of helicopters.
The sale of the Swanbourne property and the marketing of other property assets follows the collapse of the Griffin empire and four other related companies early on New Year's Day.
Administrator KordaMentha partner Brian McMaster last week told creditors that total claims against Griffin’s coal and power station business exceeded $1 billion, and that it could take nine months to resolve Griffin's debt problems, either by way of a restructure or sale of its assets.
Administrators were appointed after Griffin missed a $25 million December interest repayment to bondholders who are owed $538 million.