THE LAUREL SPRINGS INVESTIGATION
FOR ACCESS TO DOCUMENTS RELATING TO THE INVESTIGATION OF
THE LAUREL SPRINGS RETIREMENT VILLAGE
PLEASE SELECT FROM THE LINKS BELOW
FINANCIAL INVESTIGATION
DETAILS OF FINDINGS
Details of Findings
13. Deceived residents - sale of Manager's Residence
18. Defrauded residents who bought new unit - structure unfit for purpose, and unconscionable exit terms
19. Deceived residents - renaming of Village to Resort

13. Deceived residents - sale of manager's residence

At the 2017 AGM, the scheme operators of Laurel Springs encouraged residents to vote to allow the manager to reside in her own home instead of living on-site in the manager’s residence. The residents were told only that this was for personal reasons, and did not disclose to residents their intention to sell the unit. In July 2018, the scheme operators sold a lease for the manager’s residence to a new resident for $242,000, forever depriving residents of the benefit of having a resident manager. The scheme operators received a significant financial benefit from the sale of the village asset.

13.1 The deception

13.1.1 At the 2017 AGM, the scheme operators encouraged residents to vote to allow the manager to reside in her own home instead of living on-site in the manager’s residence. The residents were told only that this was for personal reasons, and did not disclose to residents their intention to sell the unit.:

Evidence Document D6.13 - 01

Top

13.2 Sale of manager's residence

13.2.1 In 2018, the Manager's Residence was advertised for sale for $320.000:

Evidence Document D6.13 - 02

13.2.2 In July 2019, the Manager's Residence was sold by the scheme operators for $242,000:

Evidence Document D6.13 - 03

Top

13.3 Effect on residents

13.3.1 The Manager's Residence was clearly a significant village asset, as shown on the bottom right of the Village Plan for Laurel Springs:

Evidence Document D6.13 - 04

13.3.2 Ferrier Hodgson, the administrators of the Laurel Springs Retirement Village in 2011, listed the Manager's Residence as a significant asset:

Evidence Document D6.13 - 05

Top

13.4 Contravention of Retirement Villages Act

13.1.1 The scheme operators of Laurel Springs contravened s86 of the Retirement Villages Act by deceptively encouraging residents to vole to allow the manager to reside off-site, without revealing their intention to sell the unit and benefit financially from the sale of a village asset valued by residents:

Evidence Document D6.13 - 01

Top

This web site is owned, designed and maintained by Paul Henry Golding of Nambour, QLD, Australia. © 2007-2021