Owner of Gold Coast's Hope Harbour declares bankruptcy

by Media Services on 20 Apr 2012 The owner of the well-known Hope Harbour on the Gold Coast, Craig Gore, this week filed for bankruptcy, citing debts of $282.9 million. In March, the marina acquired by Gore in 2008 for $38 million, was placed into receivership by financier Morgan Stanley.

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 had 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.

Craig Gore is the son of Mike Gore, who built the Sanctuary Cove Resort in the 1980s and who later also declared bankruptcy.

In 2007, according to The Australian, Craig Gore was listed among the top 200 richest Australians, with an estimated net worth of A$183m. He told the paper earlier this month how he had 'lost it all' in property deals, upside-down business ventures with executive jets, and other failed investments.

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 at the time.