Victorian Forest Resort up for sale by controllers
In recent times the Victorian area has seen the regular news headlines of pending amalgamations and others put into receivership. The Forest Resort (Creswick) is the latest casualty to be put up on the market for sale. The golf club that calls it home, was in financial difficulty back in the early 2000’s, with then a saviour of The Walsh family to get a development and hotel underway.
The Walshes were not typical property developers. They sank all they had financially and emotionally into what they called ”their child” – the Forest Resort development, boasting a 144-room hotel and an upmarket golf course surrounded by houses. Click here for more info.
Then came along the GFC and the downfall of financier MFS.
Fast forward a couple years later and now the property hits the market again. Who is next on the chopping block?
Forest Resort goes into receivership
April 14, 2009, 12:31 p.m.
CREDITORS and suppliers of the Forest Resort at Creswick are being advised by mail that the resort is in receivership.Receiver and manager, Leanne Chesser, of corporate restructuring firm Korda Mentha, has sent letters telling creditors of Rytelle Pty Ltd, The Forest Resort Hotel Pty Ltd, The Forest Resort Pty Ltd and Forest Resort Utilities Pty Ltd that Korda Mentha intends to “continue to operate the companies on a business as usual basis”.
“We consider this to be in the best interests of all parties concerned and ask for your support in this regard,” the letter stated.Those dealing with Forest Resort companies are also advised to open new accounts for goods supplied and services rendered to the companies.Korda Mentha said it was not in a position to discharge debts incurred before April 1, when the Forest Resort went into receivership.Yesterday owner and resort developer Jim Walsh was again reluctant to comment on the situation at the resort.
Mr Walsh also declined to elaborate on legal matters involving the resort.He said it was still possible to stay at the resort and to invest in resort house and land packages.
The resort is described as a $250 million development and includes a Novotel Hotel and a golf course designed by Australian golfer, Robert Allenby.
The vision for the resort began with the purchase in 2001 by Mr Walsh and his wife, Joan, of the then Creswick Golf Club, which was facing closure because of financial difficulties.In September last year a $1 billion vision for the resort’s future was put before Hepburn Shire Council that included plans for a theme park, casino, medical centre and lifestyle village.
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