Gold Coast's Hope Harbour in receivership
by Media Services on 22 Mar 2012
Hope Harbour, the Gold Coast marina acquired by Craig Gore in 2008 for $38 million, has been placed into receivership by financier Morgan Stanley.
Hope Harbour .. ©
Hope Harbour comprises a 283-berth marina and houses the ferry terminal for the failed Couran Cove Resort which is also in the hands of liquidators from Ferrier Hodgson through a members' voluntary liquidation of the company.
Gore's is facing bankruptcy proceedings against him by the ATO.
Morgan Stanley has appointed John Melluish and Steve Sherman of Ferrier Hodgson as receivers to IMDM (Hope Harbour) Pty Ltd, whose ultimate shareholder is stricken Gore company, Ocerog Pty Ltd.
The US investment giant became Hope Harbour's mortgagee in December following a buyout of the distressed loan book of UK-based Capital Finance.
Morgan Stanley is understood to have bought the $1.7 billion debt, held against a host of Gold Coast properties including Southport Central, for as little as 20 in the dollar.
Mr Gore acquired Hope Harbour from Gold Coast developer John Fish. He lost control of the asset in 2009 after Mayfair Group stepped in and subsequently appointed receivers to private Gore company Ocerog, the ultimate shareholder of IMDM (Hope Harbour).
Hope Harbour's receivers said they had no immediate plans to market the property. 'We want to initially bed down the operations and maintain business as usual,' Mr Melluish said.
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