UNDER THE HAMMER: Fran Ryan (inset) is the new owner of 26 Bellanboe Cct, Pelican Waters after she bought the property for $721,000 during a courthouse auction. The State Government had seized the property to recoup a business debt.
UNDER THE HAMMER: Fran Ryan (inset) is the new owner of 26 Bellanboe Cct, Pelican Waters after she bought the property for $721,000 during a courthouse auction. The State Government had seized the property to recoup a business debt.

Seized home sparks courtroom bidding war

A RARE courtroom auction was the unlikely opportunity for a house hunter to secure her perfect slice of Pelican Waters, sight unseen.

The "highly-anticipated real estate opportunity" drew about 30 people to the Maroochydore District Court today, about 15 of them eager to outbid one another for 26 Bellanboe Cct.

Offers started at $300,000, and the bidding war ultimately ended in the four-bedroom home selling to Sandford resident Fran Ryan for $721,000.

Property Zest buyer's agent Fran Ryan with Karen Young, the new owner of 26 Bellanboe Cct, Pelican Waters. The pair placed the winning $721,000 bid to secure the home in a rare courtroom auction after the State Government seized the property to recoup debts on a failed waterproofing business.
Property Zest buyer's agent Fran Ryan with Karen Young, the new owner of 26 Bellanboe Cct, Pelican Waters. The pair placed the winning $721,000 bid to secure the home in a rare courtroom auction after the State Government seized the property to recoup debts on a failed waterproofing business.

"This will be a house to live in," Ms Ryan, an IT developer, said.

"I love Pelican Waters, I have been looking for a place in the Sunshine Coast for six months now, and Pelican Waters just had that vibe to me, that Sunshine Coast vibe."

The lifestyle home was auctioned off by the State Government without a reserve retainer price, to finalise a dramatic waterproofing company collapse.

A court deemed the former homeowner, Carolyn Thomson, was the de facto director of Kadoe Pty Ltd from March 2009 until January 2011, when the debts were incurred.

26 Bellanboe Cct, Pelican Waters was sold in a Maroochydore District Court auction for $721,000.
26 Bellanboe Cct, Pelican Waters was sold in a Maroochydore District Court auction for $721,000.

A judgment handed down in June 2018 ordered Ms Thomson pay $372,000 owed to former suppliers of the failed business, and $64,000 interest.

Ms Thomson fought to the end to keep her home and has lodged a "notice of action" on the property which involves the mortgagee ANZ, however this did not impact on the sale.

The Maroochydore District Court confirmed Ms Thomson would not receive any proceeds, and they would be distributed 50-50 to ANZ and the creditor.

Ms Ryan engaged Property Zest buyer's advocate Karen Young for her experience and local knowledge as a Pelican Waters resident herself.

The State Government had seized 26 Bellanboe Cct, Pelican Waters to recoup debt from a failed waterproofing business.
The State Government had seized 26 Bellanboe Cct, Pelican Waters to recoup debt from a failed waterproofing business.

Ms Young said the adrenaline was pumping as she and another hopeful upped each other's bids for the last few dozen offers.

She said auctions such as these were incredibly rare, and yesterday's was only the second she had experienced in more than eight years on the job.

"For a court to have actually seized an asset and auctioned themselves, it's a rarity," she said.

Ms Ryan said she had done due diligence, and was not concerned that she could not inspect the home.

 



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