PHOTO: Du Val
The collapse of Auckland property developer Du Val has gripped headlines, not just for its staggering $250 million debt but also due to the lavish lifestyle its founders, Kenyon and Charlotte Clarke, flaunted. The Clarkes, known for their extravagant displays of wealth—including Ferraris and private jets—are now facing statutory management, with their home raided by the Financial Markets Authority. Despite their claims of building an empire, Du Val’s business model appears deeply flawed, leaving investors, subcontractors, and homeowners in disarray.
Luxury SUVs Seized and Sold: Du Val Boss Says He’s ‘Starved’ by Court Ruling
PWC is leading the charge in sorting through the company’s financials, aiming to recover what they can for creditors, with investors last in line. Investigations are ongoing, and the scandal highlights regulatory gaps that may lead to similar collapses in the future. With lawsuits looming, Du Val’s downfall is more than just a market downturn—it’s a case of alleged mismanagement with far-reaching consequences.
Auckland property developer and investor Du Val Group owes close to $240 million | WATCH
Du Val Group Receivership: What property developers are next? | WATCH
Du Val Group Receivership: What property developers are next? | WATCH
SOURCE: RNZ