{"id":25455,"date":"2020-05-27T13:45:45","date_gmt":"2020-05-27T01:45:45","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=25455"},"modified":"2020-05-27T13:45:45","modified_gmt":"2020-05-27T01:45:45","slug":"hopes-fade-among-queensland-property-owners-left-in-limbo-by-mayfair-101","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/hopes-fade-among-queensland-property-owners-left-in-limbo-by-mayfair-101\/","title":{"rendered":"Hopes fade among Queensland property owners left in limbo by Mayfair 101"},"content":{"rendered":"

PHOTO:\u00a0<\/span>Mission Beach residents Margie and Chris Lower, whose property settlement has been delayed indefinitely by the investment firm Mayfair 101. Photograph: Supplied<\/strong><\/p>\n

Chris Lower and wife Margie, who has stage four cancer, have made plans that depend on their deal with the investment firm<\/p>\n

Earlier this year, Margie and Chris Lower cleaned out their tiny corner of tropical paradise in Mission Beach<\/a>, preparing to hand the keys of their fisherman\u2019s shack to investment firm Mayfair 101.<\/p>\n

Margie, who has stage four bowel cancer, had wanted to be closer to hospitals for medical treatment and family. She imminently needs about $60,000 from the sale of their home to pay for a course of immunotherapy.<\/p>\n

\"Steve<\/a><\/div>\n
\n
\n

Cricketing history: Steve Smith\u2019s parents list family home for $1.4 million to $1.5 million<\/a><\/h2>\n<\/header>\n<\/div>\n

The couple were the sort of seller that Mayfair 101 encountered right across Mission Beach, where property prices had been stagnant for more than a decade. It went on an\u00a0investment spree last year, snapping up the right to buy more than 230 local homes, businesses and vacant blocks to complement its $31m purchase of the nearby Dunk Island resort.<\/p>\n

In March, the evening before the Lowers\u2019 beachfront home was due to settle, they were told Mayfair 101 was exercising an unusual \u201cforce majeure\u201d clause to indefinitely suspend about 60 outstanding contracts to buy properties in Mission Beach.<\/p>\n

With those sales still in limbo, last week a key company in the Mayfair group was\u00a0placed in the hands of receivers<\/a>. This followed an investigation and\u00a0legal action by the corporate regulator<\/a>\u00a0that has hampered Mayfair\u2019s attempts to attract new investors required to resume property purchases.<\/p>\n

Court documents show the receivers are to investigate whether Mayfair 101\u2019s founder, James Mawhinney, may have breached companies law in the operation of the group.<\/p>\n

READ MORE VIA THE GUARDIAN<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n