Auctions real clue to Coast's
troubles
Tanya Westthorp | August 2nd, 2010
LOOK no further than Lloyds Auctions, aka 'the House of Broken Dreams', for a real glimpse into how deep the Gold Coast's financial troubles run.
Lloyds has been booming since the global downturn hit, receiving repossessed and liquidated goods from businesses and individuals that could not keep their heads above water.
But while many expected the worst was over, the flood of goods flowing into Lloyds from companies that can no longer survive tells a very different story.
Lloyds' turnover will jump to more than $30 million this year -- up from the $2 million it recorded in 2004 and $20 million it recorded last year at the supposed height of the crisis.
Up to 1000 people now front up to Lloyds auctions -- up from 600 a year ago -- and the company has had to increase its staff from the four it started out with in 2004 to 33 employees.
Mr Andrew Webber director of Lloyds Auctioneers and
Valuers at Carrara pictured with a 1929 Model A Ford
that is part of their upcoming auction.
Pic: Mike Batterham
Lloyds director Andrew Webber said the auction house was doing 20 to 30 valuations or receiving liquidated stock every week -- often from transport companies.
"A lot of enterprises have been struggling to be profitable, transport is probably the biggest one. They've been shattered," he said.
The Lloyds site at Carrara is bursting at the seams, filled with electrical and white goods, jet-skis, motorbikes, jewellery, furniture and full fitouts from restaurants inside the shed and brimming with repossessed cars, heavy machinery, tractors, excavators, prime movers, boats and caravans outside.
There are repossessed director's cars -- everything from Alfa Romeos, BMWs and Mercedes Benz's to ex-hire fleet cars, a $350,000 Swagman Caravan, and trailer-mounted generators and light towers.
Even a 1929 vintage Model A Ford worth $25,000 is sitting in the auction shed, waiting to go under the hammer today.
See the full article here
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House of Broken Dreams
Auction Photo Gallery
NBN News | August 2nd, 2010
Click here for link
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Tough Days Strike More Coast Businesses
Tanya Westtorp | February 15th, 2010
JUST when we thought the worst of the GFC was over, a heap of Gold Coast businesses have gone bust in the past fortnight, flooding Lloyds Auction House with seized goods.
The Carrara-based house of broken dreams now resembles a car yard after a major rental car supplier went into administration dumping at least 90 late model cars, including Nissan X-Trails and Tiidas, Kia Carnivals, and Mitsubishi 380s.
Lloyds Auctions director Bill Freeman has also received gym equipment from two Gold Coast gymnasiums, trucks from two doomed transport companies, equipment from a 50-year-old cheesecake making business and maintenance equipment including a horse-drawn cart.
Office equipment from an accounting firm and a drafting company and equipment from a cabinetmaker and printing company have also arrived at the auction house.
Mr Freeman said he had received goods from at least 12 financially stricken companies in the past fortnight and warned there was more to come.
"The activity has certainly spiked," he said.
"I predicted this would happen because the last 12 months Australia has had it good, there's been low interest rates, low unemployment and government handouts.
"Now interest rates are going up, unemployment is up and the government handouts have been stopped.
"I believe it's going to be a very tough year."
Many would have expected bankruptcies would peak during the global financial crisis but it is the businesses that hung on for dear life during the downturn but now cannot sustain rising interest rates and overhead costs that have finally pushed them over the edge.
It causes a domino effect as one business doesn't pay its creditors, putting additional pressure on those businesses.
"They rode out the storm but they just can't hang on any longer," said Mr Freeman. "Because everyone's debt levels are so high, we'll start to see the liquidation of a lot more companies."
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Daniel Tzvetfoff's V8 Supercar for
sale
NBN News | August 27th, 2009
FALLEN information technology tycoon Daniel Tzvetkoff's V8 Supercar is covered in SuperGP stickers ready for the Gold Coast's premier four-day racing carnival in October.
But that is just another broken dream.
Instead of being stored in a luxury garage, it is sitting in an auction shed waiting to be sold at a bargain price.
Tzvetkoff's entire multi-million-dollar IntaRacing empire, including the V8 Supercar, two prime movers, three huge transporter trailers and all the car parts and tools, arrived at Lloyds Auctions at Carrara on Tuesday.
Forget the repossessed $200,000 sleek black Maserati that drew widespread attention at the auction house last month; this latest Lloyds coup is the ultimate in the dramatic fall of the rich boys.
The administrator, Vincent's Accountants, has seized all the equipment,
tools and parts required to put a race team on the track today
-- except one vital component -- the engine.
Lloyds Auction Centre director Bill Freeman is excited to
auction off equipment taken from the fallen IntaRacing
empire. Picture: Michael Ross
Lloyds director Bill Freeman said the engine -- said to be worth about $100,000 from the $500,000 race car -- could not be found.
Mr Freeman, a confessed motorsport fan, said the administrators called him on Tuesday, asking him to clear everything out of IntaRacing's headquarters at Southport.
Having a V8 Supercar on his auction floor was by the far the coolest of the repossessed goods he has received, he said.
"I would say I was more elated than surprised," he said.
"Forget the Maserati -- this is the ultimate of the rich boys' toys that have gone."
He now has the task of valuing the rare goods that he planned to auction in the next few weeks, ideally as a package to an existing racing team or a newcomer.
However, it may be hard to get a good return given the tight economic climate and the news that V8 Supercars have not put Mr Tzvetkoff's licence back on the market.
The team, owned by debt-laden Mr Tzvetkoff and partner Sam Sciacca, surrendered its $1.5 million licence to V8 Supercars this month, leaving Gold Coast driver Marcus Marshall without a drive at the upcoming SuperGP.
See the full article here
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Got vroom for a tycoon toy?
Tanya Westthorp | July 10th, 2009
A SLICK black Maserati Gran Turismo is the latest of the Gold Coast high flyers' toys to be ripped from its luxury garage and thrown into an auction shed by receivers.
Carrara-based Lloyds Auctioneers and Valuers has become a 'house of broken dreams' in recent months as receivers move in on the Coast's former rich set, taking prized possessions and flogging them off at a discount.
Lloyds director Bill Freeman said the spoils of crushed livelihoods had flowed to the auction shed with the stock including luxury cars, several boats, 25 motorcycles -- including Kawasaki's top-end VN900 --jet-skis, pool tables, framed and autographed football jerseys, a private collection of Penfolds Grange wine, whitegoods and furniture.
"Everyone's toys are starting to go," he said.
"This is going to be the start of luxury cars coming on to the market, and we've got 25 motorbikes repossessed this month.
Mr Freeman said the recession had been good for the shed in the past months.
"Our sales would probably be up 30 per cent on this time last year," he said.
"In our weekly auctions we're now selling about 1220 items compared with 600 to 700 a year ago."
Bill Freeman from Lloyds Auctions at Carrara with a 2008 Maserati
Manufacturers having trouble selling their goods at retail prices have also dumped their stock at the auction house.
"As money gets tighter and harder for retailers to sell, they ship it here," he said. "And we've had an increase in buyers looking for a bargain."
The fully-optioned 2008 Maserati, said to be worth up to $350,000, is pride of place in the yellow Lloyds warehouse since Indigo Projects (Management) Pty Ltd fell into receivership two weeks ago.
Coast developer Mitch Nielsen was a director of the failed company.
But the fate of the Maserati, which has only clocked 11,000km and will probably sell for less than $200,000, is one of many repossessed goods waiting to be auctioned.
Mr Freeman said the entire Indigo Projects (Management) office was cleaned out and sent to Lloyds when receivers Andrew Fielding and David Whyte of BDO Kendalls stepped in a fortnight ago.
Framed Wallabies and Queensland jerseys were seized too, but it was the Maserati that has caused the most fuss.
"There has been a lot of interest, word seems to get around quickly. We've had a couple of dozen people come through already and we haven't even advertised it yet," said Mr Freeman.
The car will not go to auction 'unreserved' but Mr Freeman said 'they will sell it for whatever we get for it, I'll tell you now'.
Another victim of the global crunch lost his 5.25m, $30,000 Blue Fin boat, which is likely to sell for about $20,000.
Last fortnight, a private collection of Penfolds Grange was sold, with some bottles fetching up to $1100.
See the full article here
A MYSTERY buyer spent up big as $500,000 worth of luxury Ralph Lauren furniture went under the hammer at Carrara yesterday.
