I have heard similar stories on Port Douglas, the bank in possession, 4 bed brick home on gold course etc 8 years old. Had been on the market originally at $1M and dropped by bank to $600k and no bid in 18 months or so.
Associates brother offered the bank 100k and they came back at 300k. he knocked them back. Nobody turning up to auctions on Gold Coast the guys brother has been following it also. No buyers and the crap spreads from here.
This has been building for years like the GFC saw it coming a mile off. Feel very sorry for those caught. I hung it on the TV shows in public articles back as early as late 2006 telling people how to get rich leveraging up at the end of a massive bubble. Prof Steve Keane has been out there and deserves all credit for his efforts I commend him highly.
