Pub baron with $1.8bn debt lists Rose Bay home

The Rose Bay home owned by pub baron Jon Adgemis, who has more than $1.8bn in debt, and his mother has hit the market.

And with Rose Bay currently in the spotlight as a development hot spot, the agents selling it are highlighting the potential of the 556sqm corner block for townhouses to maximise the price.

News Corp broke the news in July that the five-bedroom home at 2A Conway Ave had signs on the door saying “the mortgagee is in possession of this property” and that Fred Small and Steven Zoellner of Laing and Simmons Double Bay had been appointed to sell it.

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Reports had emerged in late May that the former KPMG dealmaker had mortgaged the property behind his mother’s back.

They’d purchased it for $4.45m in 2018.

Now the home, on a 556sqm block, is listed on realestate.com.au, in an expressions of interest campaign closing September 18.

Mr Small says there’s no price guide, though other Double Bay agents have previously estimated the property is worth between $7m and $8m.

Mr Small said that comparable sales would be available at Saturday’s open for inspection, highlighting the site’s potential for both residential buyers but also developers.

“As you know, the zoning codes have changed recently in Rose Bay, and this property already has an R3 zoning,” he said.

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An R3 zoning allows for townhouses, villas and low-rise apartments.

Mr Small says the home has only been on realestate.com.au for a day but he’s already been inundated with inquiry.

“It’s on, there’s big demand for property right now,” he said.

“And this is a five-bedroom home with two bathrooms and a lock-up garage, that’s been very tastefully done, with a terrific floor plan.”

The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue.

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The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators.

Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper ‘Bang & Olufsen’ waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance.

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The post Pub baron with $1.8bn debt lists Rose Bay home appeared first on realestate.com.au.