Sydney pub baron who is $1.8 billion in debt lists Rose Bay home for sale

The Rose Bay home of embattled hospitality entrepreneur Jon Adgemis has hit the market amid the spectre of a potential bankruptcy fraud investigation.

While there is no price guide on the mortgagee in possession, the six bedroom, five-bathroom house was purchased by the Public Hospitality Group founder and his mother, Rose, for $4.45 million in 2018.

Set on 556 square metres, the home has a long list of caveats lodged against the property including the chief commissioner of state revenue, who is chasing unpaid land tax to the tune of $255,796 for the state’s coffers, and an alcohol supplier that is owed a little over $1 million for unpaid booze supplied to his venues.

Jon’s debts have ballooned to more than $1.8 billion, owing money to a suite of creditors and the tax office.

The double-fronted block falls within the NSW government’s low- and mid-rise housing reforms, allowing for unit blocks of up to six storeys if 15 per cent of the homes are affordable.

While the home will no doubt draw a mix of prestige buyers and developers, the proceeds of the sale will not make a dent in Adgemis’ debts, given a note to creditors earlier this week, which said there was no equity in the home given Jon remortgaged the home twice, with a $26.935 million debt owed.

But it is the $60,000 a month in rent that a related party is paying for a home in Bondi Beach where he lives now that has drawn the attention of the bankruptcy regulator.

The Rose Bay home is selling through Fred Small and Steven Zoellner of Laing+Simmons Double Bay through an expressions of interest campaign that ends 18 September.

Grand estates put to the test

Staying in the area, one of the largest landholdings in the eastern suburbs has hit the market with early interest in the $30 million to mid-$30 million range, in a test of what the market will be willing to pay for prized real estate amid rezoning plans in the area.

Descendants of Sir James Burns, one of Australia’s most successful merchants, who co-founded Burns Philp and Company, are selling the 2536-square-metre property for the first time in more than six decades.

The Knoll was purchased by the Burns family in 1962 for £32,000 and has remained in the family ever since.

Built in circa 1935 in the classic Georgian Revival style, the six-bedroom, four-bathroom trophy estate adjoins the fairways of Royal Sydney Golf Course, adding to its park-life feel that has sweeping level lawns, gardens and a 15.2-metre swimming pool.

While the home falls under the NSW government’s low- and mid-rise housing reforms announced earlier this year, which could see the property developed into a block of units, it is also heritage listed in the local environment plan of Waverley Council.

It will be a good litmus test of whether prestige buyers are willing to pay a premium to preserve this rare grandeur in blue-chip positions or if developers outbid them to build luxury apartments instead. Either way, it is unlikely to see a wholesale increase in affordable housing in the area given the modest targets.

It is selling through Michael Dunn of Richardson & Wrench in an expressions of interest campaign.

Power duo sell

The Bellevue Hill home of legal couple Matthew Darke, SC, and his Allens partner wife Felicity McMahon has sold above its last price guide of $20 million, local sources say.

The power duo listed their home only weeks ago with a $19 million guide after they decided to move on from their family home.

The six-bedroom, five-bathroom house has been redesigned with a classic “Nantucket” feel by Amy Spargo of Maine House Interiors since the couple purchased the property for $8.6 million in 2018.

Set on 800 square metres, the property is minutes away from Plumer Road Village, Rose Bay Wharf and nearby local schools.

Darke, who is a barrister at Tenth Floor Chambers, has represented clients including Westpac, NAB, AMP and Qantas.

McMahon is a partner at Allens in the competition, consumer and regulatory team. She has represented clients such as Westpac, NAB, Pfizer and Salesforce, to name just a few.

It sold through Ashley Bierman of Ray White Double Bay, who could not be reached when contacted.

Vaucluse moves

Further up the road, the founder of General Optical and Marchon Eyewear Peter Lewis and his wife Diane have sold their Vaucluse home for circa $20 million, local sources say.

The four-bedroom, four-bathroom home sold within weeks of it being listed through Paul Biller of Biller Property, who declined to comment when contacted.

Set on 1000 square metres, the north-facing parcel has broken the street record by $2 million within two months of the last high of $17.5 million being set.