Forced sales: Sky-high apartment sells under the hammer

David George McWilliams and wife Laura Mary Fullarton.

Three Gold Coast properties connected to a developer who was alleged to have gambled away millions in investor funds have gone under the hammer with only one selling at auction.

Southport headquartered ALAMMC Developments and a suite of related entities first came to the attention of corporate regulator ASIC in July, 2024.

22 Kooringal Court Tallebudgera.

The ASIC investigation was prompted by a tip-off from the Queensland Office of Liquor and Gaming that company director David George McWilliams was allegedly gambling exorbitant sums at The Star.

Robbie Graham and Josh Thomas of Ray White Prestige Gold Coast – Surfers Paradise marketed the Gold Coast properties authorised for sale by Justice O’Sullivan.

Of the three up for auction, an apartment at 3006/9 Hamilton Ave, Surfers Paradise, in the Q1 building sold under the hammer for $830,000.

3006/9 Hamilton Ave, Surfers Paradise sold for $830,000.

Another apartment at 3208/9 Hamilton Ave, Surfers Paradise was passed in at $660,000.

The two apartments in the Q1 are linked to Laura Mary Fullarton, who paid $560,000 for No. 3006 in October, 2021, and $570,000 for No. 3208 in June, 2022.

“(The) two modern fully furnished one bedroom plus study apartments will be sold separately,” the listing stated.

“Located on the 30th and 32nd floor in the Q1 building, both apartments offer views across the Gold Coast, beach, ocean, waterways, and out to The Hinterland.

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3208/9 Hamilton Ave, Surfers Paradise passed in at $560,000.

The Tallebudgera property at 22 Kooringal Court was passed in at $3.1m, almost $2m shy of what the property last transacted for.

“(A) 5,337 sqm Hinterland estate with two residences in a quiet cul-de-sac,” the listing states.

“Located on an elevated block with double access driveway overlooking tree-lined grounds and the pool with covered entertainment pavilion.”

Property records reveal it was purchased by Mr McWilliams’ wife Laura Mary Fullarton for $5,088,888 in May, 2024.

22 Kooringal Court Tallebudgera passed in at $3.1m.

Mr Graham declined to comment on the sale of the properties.

Mr McWilliams, his wife Laura Mary Fullarton, and the ALAMMC companies had their assets frozen in September, before company receivers were appointed.

There has been no suggestion of any wrongdoing against Ms Fullarton

On March 12, Justice O’Sullivan ruled company receivers Andrew Peter Fielding and Helen Newman, of BDO Australia, would be “justified and acting reasonably in exercising their power of sale” if they were to offload eight properties owned by the pair and their companies.

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