Jim Raptis' Paradise Waters vacant block listed for receivership auction

Receivers have moved on the personal assets of Gold Coast developer Jim Raptis, placing a vacant block, one of his residential holdings at Paradise Waters, for December 8 auction through Michael Willems of Ray White Prestige Gold Coast.

The waterfront Commodore Drive property was seized by receivers after Raptis failed to find a buyer earlier this year. The waterfront site, which comprises three separate lots over 3,369 square metres, is the largest undeveloped residential lot in the upmarket waterfront enclave and features 141 metres of river frontage.

Raptis told the Gold Coast Bulletin that the move was "part of the wash-up" of the Raptis Group's woes triggered by the receivership of Southport Central three years ago.

It is one of two held by the Raptis Group boss at Paradise Waters. He sold another Commodore Drive for $5.2 million in October 2008.

The December 8 auction property, which dates back to a 1999 purchase by Amaranthus Pty Ltd in 1999 for $1,112,500, has a site value of $6.8 million.

The charge over the company is held by Gibraltar-based Sevinhand Company Ltd, which is understood to have appointed receivers Graham Killer and Michael McCann, of Grant Thornton, to recover the debt.

Receivers were appointed in August this year.