According to documents filed with the insolvency and trustee service, former high flying luxury vehicle dealer Rick Damelian is broke and has just $73 cash in his bank account.
Damelian fell from grace last September, when Damelian Automobile Limited, trading as Rick Damelian Group, went into receivership with secured debts of approximately $80 million.
Eight of his Sydney car yards went on to be foreclosed by the National Australia Bank.
According to smartcompany.com.au, Damelian Automobile had about $53 million in debts, mostly to NAB, and only an estimated $14 million worth of assets when receivers were appointed in September last year.
Sales of the some of the former Damelian car yards by receiver Ferrier Hodgson have included:
107 Parramatta Road, Haberfield, sold for $3 million to J L Management. The 2020-square-metre block cost $1.1 million in 1989.
The 577 Parramatta Road, Leichhardt, premises of 1562 square metres sold for $2.42 million to Georgina Investments.
One strata holding at 509 Parramatta Road, Leichhardt, sold for $1.72 million.
The car dealer was forced into bankruptcy after failing to repay a $1.9 million loan to his company, Damelian Automobile Limited, according to news.com.au.
He was chairman and sole shareholder of the company since about 2006.
According to the Insolvency and Trustee Service Australia bankruptcy details completed on November 2, Damelian still owns two adjacent luxury townhouses worth $3.3 million in McMahons Point but he is heavily indebted to the bank.
He lives in one with his wife and his mother lives next door. NAB holds a $6 million mortgage secured by the townhouses. One cost $950,000 in 1998 and the other was bought for $920,000 in 1997.
He also has about $2 million in superannuation.
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