Provident Capital secures mortgagee sale of Warren and Cheryl Anderson’s Western Australian beachfront retreat, Kennebunkport
Kennebunkport, the longtime Western Australian beachfront retreat of the property developer Warren Anderson and his former wife, Cheryl, has been sold after being listed with revised $5.2 million-plus hopes.
The six-bedroom Eagle Bay home was put in the hands of receivers after the internecine collapse of the Anderson family trust, Owston Nominees No 2.
The troubled mortgage lender Provident Capital – which went into receivership this week – had the first mortgage on the property dating back to 2004 refinancing. The finance was offered at a 17.5% interest rate.
Angas Securities took a second mortgage in 2008 along with Balanced Securities taking the third mortgage and Mortgage Funds Management taking the fourth mortgage on the 2,261-square-metre holding.
The house had $12 million initial hopes on its 2009 listing. The trust paid $420,000 in mid-1989 for the holding which had traded just seven months earlier at $350,000.
The Fern Road property with views of Eagle Bay had been listed by Peter De Chiera of Stocker Preston. No sale price has been revealed of the transaction, which preceded the recent court case, and orders, before Justices Jacobson and Rares.
Have you invested in Provident Capital debentures or do you have a Provident Capital mortgage? Send an email to Property Observer with any news or thoughts.
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