Wednesday 2 November 2011

Morris mansion to go to auction

The Whale Beach Road property proving hard to sell even at a loss
ANDREW Wily is pushing ahead with the sale of the home of bankrupt Tony Morris.

Raine & Horne Palm Beach is expected to be the agent appointed to sell the Whale Beach Road property, although R&H Palm Beach principal Glenn Lee told SIN this morning he was not aware that his firm had formally received the contract.

Wily is cutting it fine with Christmas approaching but is only too aware of the swelling mortgage, currently around $5.2 million and expanding by $25,000 per month.

Morris's wife Vanessa Morris-Jackson, who owns half the property has previously told the Federal Magistrates Court she has no funds to service the debt.

The court has ordered that she vacate the property no later than 14 days after it is sold. Tony Morris meanwhile is in the UK awaiting clearance to travel to Australia after being acquitted of fraud.

This morning Sally Nash, acting for Wily, told Registrar Chuan Ng the trustee was still waiting to see documentation from NAB Private Wealth.

NAB is the lender on the Palm Beach cliff top home, which LJ Hooker Palm Beach agent David Edwards, who has sold the property on a number of previous occasions, describes as having one of the best positions on the peninsular.

Contact SiN

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