Heritage GC wedged in bitter battle
HERITAGE Golf Course in Melbourne’s Chirnside Park, one of Australia’s best golf courses that is at the centre of a bitter battle between two of China’s richest men, Sunny Sun and Wang Hua, is on the market with a potential price tag of over $31.5 million.
The sale process for the Heritage Estate comes after Mr Sun’s company Golden Heritage Golf was placed into receivership earlier this year.
On offer are shares in Heritage Golf and Country Club, St John Golf Course, Henley Golf Course, the Health Spa and Resort and the Club House and Pro Shop. Swaths of land surrounding the golf course are also up for grabs.
The St John’s course was designed by American champion golfer Jack Nicklaus, who has played a star-studded round at the course with Australian golfing legend Ian Baker-Finch.
It’s not the first time the property has been in the hands of receivers.
Mr Sun purchased the 176ha Heritage Estate in 2011 for $15m from liquidators appointed by receivers to the Letten Schemes.
The Letten Schemes was a series of property investment funds established by Mark Letten that had end value of $80m. The schemes fell apart during the financial crisis and Mr Letten is currently subject to action by the Australian Securities & Investments Commission in the Federal Court over the failure of the schemes in which the Alter family was an investor.
According to the minutes of a creditors meeting last month, Golden Heritage Golf has ascribed a value of $31.5m to the land. Administrator Hamish MacKinnon said the value “appeared to be not justified by any valuation”.
Creditors are owed $13.8m according to a separate report prepared by liquidator Petr Vrsecky.
SOURCE: The Australian
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