The former Parramatta Road car salesman has declared he owes $3 million to his creditors – and can't even afford to own his own a car.
The 62-year-old's bankruptcy comes after eight Sydney car yards bearing his name were foreclosed on by the National Australia Bank last year.
Damelian Automobile had about $53 million in debts, mostly to NAB, and only an estimated $14 million worth of assets when receivers were appointed in September last year.
Sales of the some of the former Damelian caryards by receiver Ferrier Hodgson have included 107 Parramatta Road, Haberfield, sold for $3 million to J L Management. The 2,020-square-metre block cost $1.1 million in 1989.
The 577 Parramatta Road, Leichhardt, premises of 1,562 square metres sold for $2.42 million to Georgina Investments.
One strata holding at 509 Parramatta Road, Leichhardt, sold for $1.72 million.
The car dealer was forced into bankruptcy after failing to repay a $1.9 million loan to his company, Damelian Automobile Limited, according to news.com.au. He was chairman and sole shareholder of the company since about 2006.
According to the Insolvency and Trustee Service Australia bankruptcy details completed on November 2, Damelian still owns two adjacent luxury townhouses worth $3.3 million in McMahons Point but he is heavily indebted to the bank.
He lives in one with his wife and his mother lives next door. NAB holds a $6 million mortgage secured by the townhouses. One cost $950,000 in 1998 and the other was bought for $920,000 in 1997.
He also has about $2 million in superannuation.