Peregian Springs golf course on the brink
THE jewel in the crown of Peregian Springs, its golf club, is on the brink of going into receivership after developer Aveo/FKP withdrew financial support.
Sources close to the club have confirmed a voluntary administrator is expected to be called in this week.
That would mean the original 480 shareholders who paid up to $25,000 per share would lose their investment. The only winner from the financial ruin of the club appears to be Aveo, formally FKP.
Golf club shareholder Chris Glass said FKP, now wholly owned by Aveo, made about $6 million in its original sale of shares. It had also made “hundreds of millions” from selling golf frontage lots at a premium price in the development.
If the club is placed in voluntary administration and sold off, Aveo is understood to be entitled to receive $7 million.
“The way the contract structure is, with any sale and form of payment that comes into the club, the first $7 million goes to Aveo,” the source said.
“Shareholders lose everything, except Aveo.”
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