Receivers have been appointed to one of Anthony Barakat’s companies that controls a lavish multi-million-dollar apartment complex on Queensland’s Gold Coast, The Australian reported recently.
Receivers were appointed to Mr Barakat’s company, The Sheik Holdings, on March 29 with instructions to sell the two apartments, which are valued at about $2.5 million.
Mr Barakat, a hairdresser turned property developer and investor, was worth about $156m at the top of the property cycle through astute purchases in his home city of Brisbane.
But like many property executives he was hard hit by the global financial crisis and has been selling off real estate assets.
The receivers have been appointed to sell two three-bedroom Gold Coast apartments on Main Beach, that have been converted into a single dwelling.
The Sheik Holdings controlled a second property, the Central Brunswick convenience store in the inner Brisbane suburb of Fortitude Valley.
Central Brunswick was recently sold for about $21m to James Power, owner of Personalised Plates Queensland. Mr Barakat spent more than $24m to buy the property, which was billed as a possible development site in 2007.
Meanwhile, a contemporary residential property controlled by Mr Barakat fronting Dickson Terrace in the upmarket Brisbane suburb of Hamilton is also on the market through real estate agency Havig & Jackson.
Mr Barakat has been selling other property assets including the former Grosvenor Hotel, at 320 George St, Brisbane.