$90,000 house for company man?

Press, 14 June 1978, Page 1

$90,000 house for company man?

Mr J. G. Williams, the director and major shareholder in five companies in receivership—including the firm that had the Chateau Commodore built — is believed to be moving into a big Fendalton house bought on his behalf in the last fortnight for $90,000. The two-storey house with four double bedrooms was formerly the residence of the previous ViceChancellor of .the University of Canterbury (Professor N. C. Phillips). The property, which has more than 1600 sq. m of land, was sold privately after being passed in at auction last month by Sherris and Robertson, Ltd, on behalf of the university. It; has a 1975 Government valuation of $BO,OOO. It is believed that the property was bought by the estate of one of Mr Williams’s relatives who died recently. Mr Williams, with Mr H. P. Holt, was involved in three companies that subsequently fell into financial difficulties. The companies were Chateau Hotels, Ltd. which was formed to build the Chateau hotels in Blenheim, Christchurch, and Timaru, and which was wound up owing several million dollars to creditors; Continental Cattle, Ltd, which was wound up a vear ago with debts of $500,000; and Parklands Private Hospital, Ltd, which built a private hospital in Paoanui Road but was forced to leave subsequent extensions unfinished when it ran out of cash. As well, Mr Williams was director of Pacific Syndicates (N.Z.), Ltd, which was wound up a year ago with debts of $122,717, and Livestock Investments, Ltd. Creditors qf all five companies remain unpaid. A month ago, Mr Williams’s luxurious house at 22a Jacksons Road. Fendalton, was sold to Mr Harcourt Gough for about $200,000. The house, on two sections totalling 3047 sq. m, had a Government valuation of $182,000 before a swimming pool was added.

Mortgages totalling $198,000 had been registered against Mr Williams’s name on the land and the building, and the titles were encumbered with a caveat and a number of liens, related to the debts of Mr Williams’s companies. The sale was on behalf of the mortgagees.