THE LAUREL SPRINGS INVESTIGATION
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FINANCIAL INVESTIGATION
DETAILS OF FINDINGS
Details of Findings
16. Defrauded resident who bought Manager's Residence - enforced exorbitant resale price
18. Defrauded residents who bought new unit - structure unfit for purpose, and unconscionable exit terms
19. Deceived residents - renaming of Village to Resort

16. Defrauded resident who bought manager's residence - exorbitant resale price

In 2019, the scheme operators further defrauded the elderly resident referred to above, by refusing to allow the resident to re-sell the unit for the price she paid for it. The scheme operators required the resident to offer the unit for sale at a price of $290,000, this is $48,000 more than the amount she had paid them. The resident does not receive any part of any capital gain, but continues to pay monthly fees until the unit is sold, and the exit fee increases with time.

16.1 Price Resident Paid for the Manager's Residence

16.1.1 The resident bought Unit 1 Laurel Springs, formerly the manager's residence, for $242,000 in July 2019:

Evidence Document D6.16 - 01

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16.2 Price Resident is asking for the manager's residence

16.2.1The resident has been attempting to re-sell the manager's residence for $290,000; the asking price as of January 2021 is unchanged at $290,000:

Evidence Document D6.16 - 02

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16.3 Resident receives no part of capital gain on re-sale

16.3.1 According to the Village Comparison Document (VCD), published by the scheme operators and dated 10 June 2019, the resident does not receive any part of any capital gain on the re-sale of the unit:

Evidence Document D6.16 - 03

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16.4 What the resident told me

16.4.1 The resident told me that:

  • she was very unhappy because the fees had increased so much and
  • the scheme operators insisted that she must sell her unit for $290,000, which is $48,000 more than what she paid for it and
  • she would not receive any of the profit from the sale.

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