Chartwell Enterprises Directors Homes Likely to be Sold

As administrators try to work out who gets what assets currently owned by Mr Hoy’s fellow director, Ian Rau, who is rumoured to be in hiding, Mr Hoy has for the last nine weeks been trying to flog his luxury sub-penthouse apartment at Geelong’s Edgewater complex.

Local sources say the three-bedroom, three-bathroom apartment under construction a few doors away from where Mr Hoy rents was recently dropped to $2.995 million, after an initial price of $3.2 million failed to generate any bites.

A luxury house Mr Hoy rents at Eastern Beach is expected to come back onto the market, asking about $750 a week; while another on Esplanade South _ which was to be used as accommodation for staff and guests who visited Geelong _ is also  expected to come back onto the market.

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In other Chartwell-related Geelong property moves, angry investors in the failed share trading company are trying to block the sale of Ian Rau’s Newtown home, which failed to sell at auction earlier this year, and was to be put to auction again in May.

The Retreat Road home in Newtown, once owned by Geelong personality Frank Costa, could be worth more than $1.7 million after Mr Rau carried out an extensive renovation.

Mr Rau has purchased a property in Wallington, in a deal sources say was signed and settled earlier this year.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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