Disgraced LM Investment Management founder, Peter Drake’s, Gold Coast home has sold for $7.35 million – less than half the $20 million initially expected.
The four-level Mermaid Beach property was once estimated to be worth around $37 million, before the market slowed two years ago. It reportedly features a 25-metre beach frontage, six bedrooms, eight bathrooms, an entertaining level with bar, gym and cellar and a home theatre with a dance floor.
Yesterday, Australian Broker reported that Drake was forced to surrender his passport and has had his assets frozen as ASIC’s investigation into the collapsed Gold Coast-based fund manager continues.
The surplus of the sale proceeds from the sale of Drake’s home will go to his solicitors' trust account and cannot be used or dealt with unless by order of the court or agreement with ASIC.
LM Investment Management went into administration in March, 2013, with the company responsible for managing at least $750 million on behalf of almost 12,000 investors in Australia and overseas.