Chartwell Enterprises Home Sale Blocked

Administrators for failed investment company Chartwell Enterprises are believed to have blocked the sale of co-director Ian Rau's prominent Geelong home, with an advertisement published in the local paper saying the scheduled auction had been cancelled.

Sources now expect Mr Rau's Newtown house to be retained by administrators until the courts decide who should receive the proceeds. Chartwell investors campaigned for the home to be withdrawn from sale after the company went into voluntary administration last month with debts of about $70 million.

Mr Rau's prominent Retreat Road home was once owned by Geelong developer and entrepreneur Frank Costa. It was expected to fetch $1.7 million at auction, making it one of Geelong's biggest sales.

Gartland Real Estate selling agent Phillipa Gartland failed to return calls, as did administrators for Chartwell Enterprises.

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