Wealthy Melbourne businessman Elias Jreissati came to the Gold Coast in 2022 bearing expensive gifts – cases of fine wine, valuable artworks and a million-dollar donation to Gold Coast’s Home of the Arts.
Three years later, with his development company Benson’s Property Group reporting debts of more than $813m, he’ll have to reach even further into his pockets.
Bensons went into voluntary administration on December 27, while receivers Keith Crawford and Matthew Caddy of McGrathNicol were appointed on January 10 on behalf of secured lender Perpetual Corporate Trust.
Creditors will find out how deep those pockets are next Tuesday, when administrator Craig Shepard of KordaMentha unveils a proposal to hose down the debts and save the company.
They’ll vote on the proposal on February 7, either ending the administration with no resolution – an unlikely scenario given the receivership – accepting whatever return they’re offered by the Jreissatis, or plunging the group into liquidation.
Benson’s is currently developing nine projects worth $1bn, including the $485m, 41-storey Chevron One at Surfers Paradise, which it owns, and where Mr Jreissati had reserved the $50m penthouse for himself and wife Colleen.
The couple have…