Mark McIvor's former Cronin Island, Gold Coast property back up for auction

Mark McIvor's former Cronin Island, Gold Coast property back up for auction
Jonathan ChancellorJuly 29, 2012

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The former luxury Cronin Island home of Gold Coast business identity Mark McIvor is back up for sale.

An August 26 auction of the empty house has been scheduled by Coldwell Banker GC Property Group agent Alex Caraco.

It last sold in intriguing circumstances post auction when the Alex Popov-designed Cronin Island Gold Coast home of McIvor and his wife, Stacey, sold to Fulton Transport boss Gary Fulton company, Vitago Pty Ltd.

On settlement, Property Observer reported its official paperwork showed a $6.75 million sale price which stumped seasoned Gold Coast property experts, who'd imagined something closer to its $4.4 million September 2011 auction passed in highest offer.

The lenders on the purchase, the Commonwealth Bank, commenced Queensland Supreme Court proceedings against Fulton and Vitago in May.

The Commonwealth Bank lent Vitago $4.758 million in first-mortgage funding on the Cronin Island house.

Its court action sought possession of the property and repayment of the mortgage, plus interest.

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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