Terry Serepisos is listed as the sole owner of Titanium Trustee Management, which was incorporated in early 2019 and went into receivership in mid-March. Photo: PHOTOSPORT
A receivers' report has revealed a company owned by Wellington businessman Terry Serepisos owes $45 million to an Australian investment firm.
Titanium Trustee Management was incorporated in early 2019 and went into receivership in mid-March.
Serepisos is listed as the sole owner of the company.
It owns 70 Tory Street in Wellington's Te Aro, consisting of 89 apartments and 101 carparks. It was formerly the Century City Hotel.
The first report by receivers Neale Jackson and Brendon James Gibson from Calibre Partners, showed Titanium owed $45m to Sydney-based Alceon.
Alceon has a mortgage over the property and interest continued to accrue on the amount owed, the report said.
The value of the Tory Street property was not revealed due to commercial sensitivity.
Titanium also owed $614,293 to unsecured creditors.
The report said the company did not employ any staff and Inland Revenue was yet to make a claim.
Greek-born Serepisos was declared bankrupt in 2011 and was once the owner of New Zealand's only professional football club, the Wellington Phoenix.