Almost two years after the collapse of his empire, former coal baron
He lost his beloved Devereaux Farm when his coal conglomerate collapsed in December 2009 under a mountain of debt. In small font tucked away in Perth’s main paper this past week, administrators of Stowe’s coal group quietly called for remaining creditors to come forward with their claims by December 20.
Stowe counts as a creditor, given the complicated corporate structure he engineered when in control of the coal outfit.
When he flogged his separate wind farm to APA Group for $171 million in June, it was thought he would use the proceeds to repay the Commonwealth Bank and reclaim the family jewel. But administrators have also revealed a dispute centring on a $73 million tax debt, which may force Stowe’s main company, Devereaux Holdings, into touch.
Which would mean the revival of a stalled auction of the mansion – once valued at $70 million – at Stowe’s expense. Earlier this year, the pad’s top value was estimated at $35 million. Now agents say it’s closer to $25 million. That could result in Stowe having to forgo toys like his boat in Monaco. But then, beggars can’t be choosers.
The Australian Financial Review