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Disgraced LM founder's $37 million home sells for $7.35 million

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Australian Broker | 01 Oct 2013, 08:00 AM Agree 0
LM Investment Management founder Peter Drake's home has sold at auction for a fraction of its reported worth
  • D'Arcy - Qld | 01 Oct 2013, 08:39 AM Agree 0
    I'd like to see a valuation at that figure 2 yrs ago - just the agent(s?) hyping the market I feel
  • Briza | 01 Oct 2013, 09:27 AM Agree 0
    I first met Mr Drake in 1990 at a Zurich Australian Life Conference in Vancouver Canada. I guess the bigger you get (by whatever means!) the harder you fall especially if you do not put your client's first (in front of greed & money!). Also there is "karma" & "you get back what you give" :-)
  • Papery | 01 Oct 2013, 09:44 AM Agree 0
    Hey D'Arcy...LOL...especially with all the recent chat concerning valuations!!
  • D'Arcy - Qld | 01 Oct 2013, 10:41 AM Agree 0
    Re Briza - good one! - especially as "The Fund" lent him the $17m
  • Manuel Jardim@ mpm.com.au | 01 Oct 2013, 12:57 PM Agree 0
    That's absolutely a great cost. I mean there's no regret for someone who had bought it.
  • Drake | 01 Oct 2013, 03:25 PM Agree 0
    There never was a val of $37 mill. West the journalist made that up. Highest val was 19, last val was 13mill.
    Debt was to Anz . 17 mill loan to MPF was a gradual loan over 12 years. Fully disclosed and fully serviced.
    Nearly all press is false , misleadingly inaccurate.
    Lm had a global great track record until the appt of administrators. Absolute shambles after that.
    Very sad state after 15 years.
  • Investor pain - Aust | 02 Oct 2013, 03:58 PM Agree 0
    Unfortunately, this crook wont get half of the punishment he deserves.
    Investors the biggest losers here.
  • Nigel | 03 Oct 2013, 10:01 PM Agree 0
    Is this really 'Drake' posting on 1/10? If so then so sad that no remorse for the huge losses suffered by the people that invested in his company and have lost irreplaceable money? I'm one!
  • SIDBROKER | 04 Oct 2013, 10:35 AM Agree 0
    To D`Archy. I didn`t think that Re Agents did that sort of thing!
  • D'Arcy - Qld | 04 Oct 2013, 11:41 AM Agree 0
    RE Sidbroker - "Yeah Right"
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