Peter Crown Southern Highlan’s Silicon Valley plan in Berrima now freezes from a thread

The main financier, Merricks Capital, agreed on a loan of about $ 60 million after National Australia Bank has withdrawn the initial approval of the online loan. A second and third lender has extended the loan of up to $ 56 million.

The loans had to be in the short term since almost 500 hectares, known as Mereworth, were quickly sold to real estate investors father and son Roy and Anthony Medich for almost $ 50 million.

But three years after that sale, Merricks took advantage of Newpoint Advisory to intervene as receivers on the back of their loan agreement, taking control of 10 business entities behind the real estate empire.

The appointment comes a month after Crown enlisted the CBBA to sell the largest farm in the aggregation of the ground, known as evandal. The property of 585 hectares was supposed to sell for over $ 50 million estimated still pending for Merricks, but had not officially hit the market.

The 40 -year -old investor, who prefers to be known as a farmer, maintains control of his Coronam family investment office and other technological and real estate interests, including his historic Sutton Forest Farm Newbury Hall which he purchased in 2023 for $ 38.5 million.

However, Crown disputes the legitimacy of the appointment of receivers in Berrima’s participations.

“We are vigorously pursuing this through the courts,” said a spokesman for the Crown family.

“This follows a long dispute with Merricks in which we have been deliberately frustrated at every step of our attempts to finish these loans with other financiers.”

The crown has been invited to some legal battles in recent times. At the beginning of this month, a one -year court between Crown and its second and third lender was finally resolved in court and Crown ordered the financiers more than $ 14 million.

The Joint Venture of Crown with the billionaire Robert Whyte for the redevelopment of a former $ 28.6 million cava near Camden has also found the road to the Supreme Court after the company’s participation company MacArthur Farm Pty Ltd has been put in reception. In that Crown matter, he was recently found in violation of the trust and violation of his director’s duties after appropriating $ 2.6 million unwillingly, but this discovery was supported while returning to court to contest the legality of this controlled administration.

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While the crown deals with its various judicial appointments and her wife who leads Bentley Vanessa Crown awaits the settlement on the sale of her home in Bronte of almost $ 24 million, the premises of the South of the Altopians are left by wondering if their ambitious plans for the Silician plateaus were too beautiful to be true.

Although the receivers are willing to pursue the rezonation of the land to make room for Silicon Highlands, it is unlikely that the ambitious project progresses in its current state.

The proposal seen from Herald Itemi of five parcels of earth to rezonare to make room for silicon highlands, but Crown does not have them all.

One of the fundamental packages, a significant block of 62 hectares, expected to be the city center and the health and medicine district between the Hume motorway and the old Hume Highway, was part of the Mereworth property that had been sold to the Medich family three years ago.

The Medichs are not in a joint venture with Crown, but a warning on the title reveals that when they bought it Crown was given an option to regain it. That option expired in June last year.

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