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.
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.
"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.
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.
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.