Australian businessman Craig Gore yesterday filed for bankruptcy, citing debts of A$283m. Gore had acquired Hope Harbour, a 283-berth marina on Australia’s Gold Coast, in 2008 for A$38m. Gore also had interests in other marinas.
Craig Gore is the son of Mike Gore, who built the Sanctuary Cove Resort in the 1980s and who later declared bankruptcy.
In 2007, according to The Australian, Craig Gore was listed among the top 200 richest Australians, with an estimated net worth of A$183m. He told the paper earlier this month how he had “lost it all” in property deals, upside-down business ventures with executive jets, and other failed investments.
Gore disputed that British peer and former Conservative Party deputy chairman Lord Michael Ashcroft was one of his creditors. Lord Ashcroft claims Gore owes Mayfair, one of his companies, approximately A$140m.
The paper said Gore lost control of the Hope Harbour marina in 2009 after the Mayfair Group stepped in and appointed a receiver to take control of Gore's holding company. Gore and Mayfair had earlier worked together to acquire other marinas.
In 2010, Mayfair had agreed to reduce Gore debt's from A$490m to A$3m, but canceled that agreement in February after Gore failed to make a A$83,000 payment.
Gore disputes that Mayfair is a creditor and claims he sold his companies, with assets worth A$285m, to Mayfair in 2010 for A$2m.
Last month, Hope Harbour’s mortagee, Morgan Stanley, appointed Ferrier Hodgson as receivers to take control of International Marina Development and Management (IMDM), which oversaw Hope Harbour. "We want to initially bed down the operations and maintain business as usual," the receiver told the paper.