The family home of racing identity Bill Vlahos has been seized by Westpac, according to the daily Herald Sun. The bank is foreclosing on the luxury Torque property after Vlahos defaulted on mortgage payments.
Mr Vlahos and wife fell more than three months behind, with arrears totalling more than $12,000.
It is believed that Westpac will commence enforcement proceedings which include exercising a “power of sale” to seize and auction the property to recover what it is owed.
It is expected that the five bedroom home can reach a sale price of around $1 million. The sale proceeds will then be used to repay approximately $500,000 owed to Westpac.
Neighbouring homes in the area have sold for between $900,000 and $1.2 million. Both Mr and Mrs Vlahos appear in the banks records as borrowers, although the property is in Mrs Vlahos’ name only.
Bill Vlahos was the operator of failed punting syndicated club ‘The Edge’, and in December 2013 he filed for bankruptcy over his collapsed club owing more than $100 million to investors. It is believed that there were at least 1000 members of the syndicate, with some losing more than $1 million.
Mr Vlahos, who was also chairman of BC3 Thoroughbreds is under investigation by Victoria Police, bankruptcy trustees and Racing Victoria over the collapse of The Edge betting syndicate.
Source: Herald Sun
