STREET VIEW: This picture was taken of the property during the construction phase in 2014.
STREET VIEW: This picture was taken of the property during the construction phase in 2014. Google Maps

Metro Builders boss' $2.6m mansion set for liquidation

THE liquidator chasing up the debts of collapsed Metro Builders has a very expensive property in its sights.

When Metro Builders declared insolvency on June 8, leaving debts of $1.7 million and at least 24 homes unfinished, insolvency firm Jirsch Sutherland revealed plans to recover the money.

They confirmed having Metro Builders' assets and display homes in their sights, including owner Glen Finning's $2.6 million Lammermoor mansion.

 

Metro Builders boss Glen Finning standing at his $2.6m property at 40 Lexington Ave, Lammermoor in 2015.
Metro Builders boss Glen Finning standing at his $2.6m property at 40 Lexington Ave, Lammermoor in 2015. Madeline McDonald

JS partner and liquidator Chris Baskerville said the assets were still being evaluated.

"The director's family home is owned by the company. This asset will be realised for the benefit of company creditors," Mr Baskerville said.

 

"In addition to the family home, the liquidator is claiming an equitable interest in two display properties which are subject to further review.

"We are aware of a number of vehicles and machinery which are subject to various hire purchase agreements.

 

HAPPIER TIMES: Yeppoon builder Glen Finning and host of Australia's Best House's Gary Takle stand in Glen's two story house that will be featured on Gary's Build Me A Home television show on Foxtel Lifestyle in 2015.
HAPPIER TIMES: Yeppoon builder Glen Finning and host of Australia's Best House's Gary Takle stand in Glen's two story house that will be featured on Gary's Build Me A Home television show on Foxtel Lifestyle in 2015. Madeline McDonald

"We are in the process of obtaining an independent valuation that will assist us to determine the equity position of those assets."

An investigation into Mr Finning's house at 40 Lexington Dr through RP Data showed it has four bedrooms, three bathrooms, two garages and a swimming pool on 930sqm of land.

 

OCEAN VIEW: Perched on a hill overlooking Lammermoor Beach the beautiful property will be liquidated by debt collectors.
OCEAN VIEW: Perched on a hill overlooking Lammermoor Beach the beautiful property will be liquidated by debt collectors. Google Maps

Records indicate that in 2015, Mr Finning's wife Brenda was listed as the vendor receiving $2.6 million from the company Red Group (Aust) Pty Ltd when it purchased the house.

 

According to the Australian Securities and Investments Commission's database, the director of Red Group is Glen Finning.

 

MANSION REPOSSESSION: The failed Metro Builders have forfeited their $2.6m property at 40 Lexington Ave, Lammermoor.
MANSION REPOSSESSION: The failed Metro Builders have forfeited their $2.6m property at 40 Lexington Ave, Lammermoor. Google Maps

Company searches show the Red Group is also the parent company of Metro Builders.

RP Data valuation modelling estimated the property's price range between $1.7 and $2.7 million.



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