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THE billionaire Liberman family has teamed with activist investment fund Sandon Capital and hedge fund and asset manager BlueLake Partners in a bid to roll the board of troubled real estate website firm Onthehouse.

They revealed yesterday that together they control almost 13 per cent of the Onthehouse share register and intend to requisition an extraordinary general meeting to remove the incumbent directors and have their own representatives appointed to the board.

Melbourne technology investor Justin Liberman has teamed with Glenn Poswell’s boutique investment group, Gannett Capital, to take a 3 per cent stake in the real estate company, while BlueLake has 5.6 per cent and Sandon 4.1 per cent.

Mr Liberman, along with Seek founder Paul Bassat, is one of the founding partners of the James Packer-backed venture capital firm Square Peg Capital.

It is understood one of Mr Gannett’s nominees to the Onthehouse board will be one of the founding partners of Square Peg, and that they will look to use Square Peg’s expertise in technology investments to bolster Onthehouse.

Sandon is known for taking activist positions in companies such as Coventry Group and RHG over recent years. BlueLake was founded by former travel.com backer Daniel Droga.

“There has been a lot of pressure building for some time on the back of unfulfilled expectations,” Sandon founder **riel Radzyminski said of Onthehouse yesterday. “We see enormous value in what is there. The company needs stability; it has to have credibility in the eyes of investors, clients and staff.”

Brisbane-based Onthehouse operates a property website that is Australia’s equivalent of booming US property website Zillow.

But last month CEO Michael Fredericks stood down after legal action was launched against him in Queensland. He is being replaced by non-executive director Anthony Scotton.

Mr Fredericks, who is the company’s biggest shareholder with an 8.6 per cent stake, subsequently said he was upset with the way the board handled the matter.

Onthehouse chairman Gail Pemberton said yesterday she had held several meetings with the dissident shareholders led by Sandon.

“There might be an impression that the company is in chaos at the moment, but that is not the case. Our interests and Sandon’s interests are aligned, as we are with all shareholders,” she said. She left open the opportunity of additional directors joining the board.

Onthehouse shares closed almost 1 per cent lower yesterday at 55c, well below their $1 listing price three years ago.