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Millionaire Mark McIvor's wife in tears as Gold Coast home passed in $2m below value at auction

Greg Stolz
The Courier-Mail
September 19, 2011 6:07AM



351923-1-southern-cross-drive-cronin-island.jpg


THE wife of one of the Gold Coast's richest men was reduced to tears yesterday after their mansion was passed in at auction almost $2 million below its value.



Stacey McIvor, wife of merchant banker and property investor Mark McIvor, wept after the five-bedroom riverfront home in exclusive Cronin Island drew a top bid of $4.55 million.

A disappointed Mr McIvor said the home had been valued at $6.5 million and that the auction was "a demonstration of a very hard market".

"It's (the top bid) well below replacement cost," he said.

The auction failure is symptomatic of a depressed Gold Coast property market.

Earlier this year, a mansion on the Coast's "Millionaires Row" - Hedges Avenue at Mermaid Beach - changed hands for less than half the price it sold for in 2008.

The McIvor mansion's failure to sell comes despite it occupying arguably the Gold Coast's most exclusive address, Cronin Island.

The suburb comprises just one street (Southern Cross Drive) with only 33 houses, all fronting the Nerang River.

Designed by leading Australian architect Alex Popov, the McIvor home boasts five bedrooms, four bathrooms and a wine cellar.

456303-mark-mcivor-cronin-island-home-auction.jpg

Potential bidders at the auction of the home of Mark McIvor, which was passed in at auction for $4.9 million. Picture: Tim Marsden

Source: The Courier-Mail


http://www.couriermail.com.au/life/...value-at-auction/story-e6frequ6-1226140455180



There were 57 online comments on this story before 9.00am they are worth reading!!!

NOT MUCH SYMPATHY HERE WHEN RETIREE INVESTORS CANNOT PAY FOOD BILLS AND ARE ON WELFARE IN THEIR RETIRMENT YEARS - THIS IS WHAT YOU GET WHEN YOU GAMBLE RETIREE INVESTORS MONEY ON "KING CON" AND "DODGEY GOLD COAST DEVELOPERS" WITH "DODGEY" VALUATIONS...
 
Comments on this story



The Jedi Council of Rorting Brisbane Posted at 6:15 AM Today

The Gold Coast is like living in Mexico, full of crime. The city centre is a dump. Its expensive to live in and the fact the millionaires are selling up and leaving should tell you enough.

Comment 1 of 57


Muggins of Sunshine Coast Posted at 6:16 AM Today

Just shows, Real Estate Agents overvaluing estimates to get business,(and the commission)By now they should know the real price. Plus Auctions rarely show the true value. Fixed price is the way to go. At least you know how much the building is worth BEFORE you start.

Comment 2 of 57


Mick of Toowong Posted at 6:17 AM Today

Weclome to the real world lady. To make millions, someone had to give something up.

Comment 3 of 57


Mac of Macgregor Posted at 6:24 AM Today

The value of the house is what someone is prepared to pay, so it is obviously worth $4.55m.

Comment 4 of 57


Canberra Observer of Brisbane Posted at 6:29 AM Today

Ed, Whilst this is another interesting story, the wife of this banker shouldn't be surprised that buyers weren't prepared to pay the "valued" price. We all know that this country is in deep trouble thanks to the operation of the ALP and the governments that it controls. We know from another report recently, where the Australian Property market could see a Tsunami Wave hit it and; what about the affects of the Carbon Tax on everything? Property prices are way over priced and it's about time that some balance came back into the industry. We know that greed has also be in motion for at least, the last 25 years where the goal is more and more money. One could also suggest that things aren't going to improve in the short-term.

Comment 5 of 57


Frank of Brisbane Posted at 6:32 AM Today

Why do people kid themselves. There has always been a difference in what property is valued at and what it is worth. What something is worth is what people are prepared to pay for it. Either accept that and forget about the crocodile tears if you want to sell in the current climate.

Comment 6 of 57


Rustyone of BrisVegas Posted at 6:33 AM Today

And what we're supposed to feel sorry for this.It's about time the rich learn to cry as much as the poor but in the scheme of things it wouldn't matter one IOTA to the their pockets,and by the way look at the way the biddres for this type of property are dressed would you feel like you have attracted the cream of the crop.

Comment 7 of 57


IAN WENSOR of THAILAND Posted at 6:34 AM Today

Just makes you cry - doesn't it?

Comment 8 of 57


ponzigirl of tweed heads/coolangatta Posted at 6:34 AM Today

The valuation has thus been disproved. The new valuation? 4.9 million. That is what someone is prepared to pay for it!!!

Comment 9 of 57


Sam the man of Brisbane. Posted at 6:54 AM Today

People can sometimes take a hit emotionally but few are able to take an economical whack like this one,even if you are one of the wealthiest people on the Gold Coast.I guess it is all relative because a lot of people would shed a tear or two if they were presented with an $800.00 power bill.

Comment 10 of 57


Mick of Brisbane Posted at 6:57 AM Today

My heart bleeds.

Comment 11 of 57


RealisticPrices of Brisbane Posted at 6:58 AM Today

The house is only worth what somebody is willing to pay for it, and in this case, certainly not the "official" valuation!

Comment 12 of 57


Princess Posted at 7:05 AM Today

Sorry luv get over it! 4.55 million is the value of your house. Your house is only valued at what someone is willing to pay for it.

Comment 13 of 57


Matt Kimble of Ephraim Posted at 7:08 AM Today

Dry your eyes, love. It's only money.

Comment 14 of 57


anthony van luyn of Gold Coast Posted at 7:10 AM Today

Incredible as it may seem; I find the Mc.Ivor attitude strange at best. These people gambled on property Development and made millions yet they continue to expect big profits (or at least replacement cost prices) when there is a property downturn. When one borrows then one risks having to sell at a substantial loss when times aren't good; and that is a fact. It reminds me of the old fallacious saying "Property prices always go up ; they never go down"; since when was property the Golden Calf of Investment as so many Australians seem to believe?. Every Investment class from art, to gold, property to antiques; and bonds to cash (yes even cash in an inflation environment) can have downturns. We all should remember with greater risk comes greater profits and greater losses. The markets in property will turn but for those exposed to substantial borrowings ; it appears that currently ;and for the next few years at least; there is the greater potential for substantial further losses. The moral here is ; lower your expectations and don't borrow more than you can comfortably afford.

Comment 15 of 57


Fay of Beenleigh Posted at 7:10 AM Today

If this is happening on the gold Coast and those homes are being passed in is it any wonder people are wary of what prices real estates are putting on those 'everyday' homes that people live in the surburbs. I'll be interested in seeing what the Valuer General does this year whe nthey do our valuations as there hasnt even been enough homes in Beenleigh sold to give an estimate of the rise or fall of sale values. Owners of houses here are dropping prices daily but still they cant sell them. All I can say is if those valuations dont drop below what we where given last year the process is just a money grab by the Labor State Govt.

Comment 16 of 57


Voice of Reason of Bellbowrie Posted at 7:15 AM Today

Tears eh!! It didn't sell for 'it's value' !! My god, who valued it - Probably real estate salesmen. Haven't people learnt that the 'value' is what you get for it, not what you don't get !! That is, you sell it for $xx and that is its value!! A story about the wife of the Gold Coast's richest man shedding a few crocodile tears because she didn't get even more dollars is really not a story at all and I am at a loss to understand why the Mail even ran it. This sort of thing happens to real people every day, and without a mention. Can you imagine it: For example; House in Ipswich passed in at $300,000:00 when everyone knows it is worth $320:00!!!! That would never get in print.

Comment 17 of 57


Crabit of Bris Posted at 7:17 AM Today

boohoo

Comment 18 of 57


N of Brisbane Posted at 7:18 AM Today

The Gold Coast has always had a reputation for rockiness when it comes to the property market. If you want stability, chose a blue chip suburb in a major city and even then be prepared for the reality, that house prices like the stock market go up and down. And as for the crying - anyone who cries over their house value needs to volunteer at a homeless shelter and find out what real sorrow is.

Comment 19 of 57


sceptic Posted at 7:21 AM Today

Hmm I thought the value of a property is what people are prepared to pay for it...in this case $4.5 million. It is not what an owner or real estate agent magically conjures up as the selling point.

Comment 20 of 57


Matt of Brisbane Posted at 7:27 AM Today

It's only going to get worse. This correction has to come.

Comment 21 of 57


anthony of Brisbane Posted at 7:28 AM Today

The bears did say prices would drop by up to 40% and most people said it was impossible. Looking forward, 40% price drops might be conservative. Once panic sets in anything can happen. Folks are carrying extraordinary levels of debt on these wildly inflated house prices. Add in a slowing economy, killer cost of living expenses, the world economy imploding and a new carbon tax and you have a recipe for disaster. Plus we have the worst government & PM in our history. It doesn't look all that great truth be told. If the millionaires are crying, god help the little people.

Comment 22 of 57


Laura of Springwood Posted at 7:36 AM Today

ah, you've got to feel for them, now they know what it's like for the every day family.

Comment 23 of 57


realist Posted at 7:37 AM Today

Surely she must realise that the current real estate market is a buyer's market (and hopefully will stay that way for a long time to come, housing being massively over priced as it is). Your house is only ever worth what someone is willing to pay for it, not what you paid for it or how much money you put into it.

Comment 24 of 57


John of Brisbane Posted at 7:46 AM Today

Such a tragedy! Hooray for a marking that is undergoing a reality check and realignment!

Comment 25 of 57


Ron of Paddington Posted at 7:47 AM Today

Whoever valued this property is still living in a past world where the old paradigm of economic growth still existed. I expect many more wealthy tears before this realization hits home.

Comment 26 of 57


Glenn of Brisbane Posted at 7:49 AM Today

That headline should be "Property is valued by market $2m below what millionaire's wife thought" - The market is saying the $6.5M valuation is wrong.

Comment 27 of 57


priced way too high of Hervey Bay Posted at 7:52 AM Today

Oh dear me!! didn't make the millions they wanted! This is the problem, our home values are way too high and it is time for everyone to come down to earth and be realisist

Comment 28 of 57


Hmmmm Posted at 7:53 AM Today

When are people going to realise that the value of property is determined by what people are prepared to pay on the day?

Comment 29 of 57





http://www.couriermail.com.au/life/...value-at-auction/story-e6frequ6-1226140455180
 
GUARDIAN CAPITAL PARTNERS

a new funder has popped up as part of TRUST MUTUAL - under the CEO ship of Captain 'Madoff' McIvor..... GUARDIAN CAPITAL PARTNERS.

anyone know anything about this outfit?

It supposedly is trying to cobble together an investment bank made up of some outfit called MAINSTREET and some parties associated with a failed EQUITITRUST borrower and ofcourse the good old Kolonel Klink Kennedy.....

sounds like a real inspiring mix, this lot......

leave your cheque books at home is my best advice......
 
MM HOLDINGS EQUITITRUST

the next steps in this SAGA will be BOARD DISHARMONY.

A falling out between the OLD GUARD who mismaanaged the enetire loan book on its (his) watch - and a new Board with so much to lose and charged with a responsibility to wind it all up and simply send whatever moneys are left back to investors... even if it is only 40cents in the dollar....

watch how quickly everyone will turn on one another......


ultimate losers will be INVESTORS.... less than 40cents in the dollar is my estimate
 
COURT PROCEEDINGS : Equititrust

watch this space for Court proceedings in next 24-48 hours ............
 
GUARDIAN CAPITAL PARTNERS LTD - mini meeee of Equititrust ????

ACN: 151 271 331
advisory and funds management
operates from same premises at Chevron Island
tele: 07 5527 5700

part of the TRUST MUTUAL GROUP :banghead:
 
EQUITITRUST who really runs what?

if any of us believe that the BOARD is running independently, just wait and see what happens to David TUCKER.

History will show Mr TUCKER to be one of the good guys - and fighting a losing battle.

The pro-McIvor gang already has their next digs all in place.

EQUITITRUST will be left to burn as a shell. Whatever is left will have moved left to right. The NAB will ge repaid BUT the carcass will remain for us to fight over.

Trouble for the new rulers is that they do not know - still do not know - who they can trust. They will soon learn the final very costly lesson. This is a remake of the WWII Axis.... do I attack the east or defend the west? Ah - the game is up!

TUCKER will turn out to be a friend of all INVESTORS but his days are, therefore, numbered, as he falls out with the OLD GUARD, who still rule the roost from behind the scenes. He won't dance to that tune anymore.

New lawyers, new spin, new promise of new partners..... same old stuff .....

Old 'mates' - Quinlivan, Hayes, Constanindes, Meridien, Lazar ..... are all lining the EIF up based on all the broken McIvor promises..... it will be a litigation lawyer 'love in' - as writs and cross claims fly...court filings are happenign and will continue ...the costs will be through the roof - McIvor will then continue to turn on his own Board and instead rely on those he feels are closest, only to feel the 12inch blade go deep (figuratively speaking) ...... loyalty arrives on foot, but scampers by horse.....

your enemy's enemy is your true friend...... the first lesson in this trench war, my friend.
 
EQUITITRUST enemies

the old addage is you keep your friends close and your enemies closer..... however, the secret to success is to know who your enemies are.... not who you think that they might be.... un-identified enemies, close at hand, are perilous.:mad:
 
Re: Equititrust a basket case

It just lurches from bad to worse... trust mutual; guardian capital; landsolve ; mainstreet investments .... its become a financial public relations joke.... next thing we'll see will be David tucker out and Mad dog Madoff McIvor back at the helm... and where's The Colonel.... i hear nuthink ... Kolonel Klink Kennedy

every major is suing them.... will there be any prospect of recovery? :eek:
 
Lazar versus McIvor

Whats the story here .... Lazar seems to have a lot of good loan management experience .... there must be something in this court case
 
EQUITITRUST Lazar The SEnate Missing dogs

look at today's SMH - an attack in the Senate against Lazar. I am told 100% that Lazar is about to unleash an attack over his recently kidnapped dogs and this recent Senate attack - all emanating from the same source - a group hell bent and motivated to stop his legal attacks on Equititrust and its founder.

Lazar is not someone to trifle with and seems to have incredible determination. Some colourful characters from Sydney and the Gold Coast are going to get named and shamed by Lazar.

I think that we are seeing the start of his wrath and it will be unleashed starting today...

His attack might bring out finally what we investors have been trying to get to the bottom of

Also - dont expect David Tucker to sit around and do nothing. I am told that he does take his obligations as an Equititrust director very veyr seriously and I expect feels very very let down and about to be turned on
 
IAN LAZAR - good loan management???

kostag said:
Whats the story here .... Lazar seems to have a lot of good loan management experience .... there must be something in this court case
Click to expand...

Olman said:
The same Ian Lazar mentioned in the Age article referred to by KLUA .... I don't know about getting truth from this source. I note Jim Byrnes also gets another unsavoury mention in the article.

I wouldn't put much faith in any of the character references posted on this thread.

The relevant quote from the Age:
"Documents filed with ASIC and to creditors reveal that liquidator Armstrong Wily was paid an estimated $1.6 million in fees between 2005 and September 2008 and law firm Nikolaidis & Company was paid $2.1 million at September 29, 2007. HLBC, a company related to Ian Lazar, the man behind the schemes (who changed his name from Ian Rogut in the late 1990s after he went bankrupt following the collapse of his company R&B Diamonds), received $1 million. A mystery litigation funder was paid $3.1 million in commission, and fees were paid to big Jim Byrnes, a notorious standover man, who was also hired by the liquidator to collect debts. Nothing was left for creditors."

Read more: http://www.theage.com.au/business/w...oes-missing-20100912-156y3.html#ixzz1XybfSn61
Click to expand...

The same Ian Lazar? - a former bankrupt with a less than desirable practices, as outlined in the quote above? This can't be considered "good loan management experience" for the dudded creditors, surely!
 
Re: Equititrust: that's the one

we have been dudded by wolves hiding in sheep's clothing.... lets get people on our side who will get us some results. I am sick of playing by supposed rules that see us still sitting on the pond like wood ducks getting shot at.... pay these people what they want and lets get some action. Hell, we are not going anywhere right now. What is the alternative suggestion? The BRAINS TRUST in situ right now have run the rteurn from 100cents to 80cents and now probbaly south of 40cents. They cant even sell their own home to cover their debts - how smart are they?
 
kolonel klink kennedy has gone....

He had better take his PC with him... hate to have others accessing it and posting to this website like happened last year.... Kennedy will be joining up with 'Madoff' McIvor at Guardian with Mainstreet Investment Group.... don't rule out that Mad dog Madoff won't apply for the C EO job again.... but only once David Tucker has been axed



zencorp said:
BAIL ON THE SINKING SHIP - CYA MR KENNEDY!

http://www.equititrust.com.au/Pdfs/Disclosures/Disclosure_Statemtent_22_09_2011.pdf

:banghead::banghead::banghead:

Banks got 1 for 1 - what about us Mr Kennedy... In your time there, all u did was worry about the banks... what about us the poor investors... :confused::confused::confused:
Click to expand...
 
Re: McIvor has lost the Plot...nice one...

Hey Wayne... nice to have 17years loyal service rewarded.... only thing that irks me us that this filial largesse probably came out of our $$$$ . Subordinated investment returns and rip off management fees .....
No Trust said:
Millionaire merchant banker Mark McIvor launches legal action against younger brother and business partner Wayne and sister Janeen Pelly

Greg Stolz, Gold Coast Bureau Chief From: The Courier-Mail September 23, 2011 12:00AM

http://www.couriermail.com.au/news/...ter-janeen-pelly/story-e6freoof-1226144026277
Click to expand...
 
sale of number 67 Chevron... the Madoff lair up for sale

Looks like a much needed sale is falling apart as the seller tries to get release of deposit from very nervous buyer to shore up very dismissed cash flow...
 
What a DISASTER

What's next in the scandalous "McIvor" soap opera... It's turning into a national public humiliation... Suing his brother and sister for amounts of $217... Are things that bad that you have to attack your own family... It's seems there will be more tears to report on in the coming weeks as this scandal explodes.. The sad and sorry thing is that investors have to watch this embarrassment from the sidines whilst their money goes down the tubes on legal fees.. McIvor will use the investors money to fund the legal fees unless something is done to stop this joke. I can't comment on Ian Lazar's past but at least he is doing something to stop this rot and appoint a liquidator. There is no hope for Equititrust the game is well and truly over...
 
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