Disgraced Kleenmaid director Andrew Young has put his luxury waterfront unit up for auction, reportedly worth around $2 million. It seems like an attempt to raise money after his collapsed business went into liquidation.
Last week the creditors of Kleenmaid voted to officially wind up the company and place the business into liquidation, after owing well over $100 million to thousands of affected customers and partners.
Administrator Deloitte, also found that it is highly likely that the company’s directors Andrew and Bradley Young will be held directly responsible if the company is proven to have traded whilst insolvent, which they believe is highly likely.
The unit which is up for auction is located at Duporth Avenue, Maroochydore and will go under the hammer on Saturday 27 June at 11am. Sources close to Current.com.au have disclosed in the past that the property was purchased by Andrew’s wife Linda for just under $2 million.
The real estate website describes the property as, “An amazing residential style apartment that offers peace and seclusion on absolute riverfront along with liveability like no other. The generous floor plan boasts three bedrooms and three bathrooms, a huge combined kitchen/dining/lounge which flows out onto an enormous wrap around courtyard.”
“There’s also a completely separate second living area with plenty of room which could be used in any number of ways. All this, ideally located close to restaurants, shops and cinemas.”
The final line of the description is also quite an understatement, “Be one of the first to inspect, this will be popular!”
Undoubtedly this auction will attract a large amount of attention and probably gain a massive crowd, but most of the attendants will probably be more focussed on confronting one of the men that blatantly stole thousands of dollars of their hard earned cash.
A source who wished to remain anonymous has previously told Current.com.au that the Young brothers have always put all of their assets in family member’s names, in order to cover their tracks and avoid suspicion if problems occur. In this case the property is in the name of his wife Linda.
Administrator Deloitte also highlighted in their report to creditors about the directors surprising lack of assets.
“Andrew and Bradley Young do not appear to have any property assets registered in their personal name,” said Deloitte.
Due to the fact that properties like this are not in their name, will unfortunately mean that the Young brothers will still have quite a considerable fortune up their sleeves.
To view this property click here.