Hearing set as Palmer attempts to wind-up resort villa owners

A HEARING date has been set as mining magnate Clive Palmer attempts to wind up a company owned by a group of timeshare owners at his dilapidated Palmer Coolum Resort.

An application to wind up The President's Club Limited, the group that oversees the timeshare holdings of villas at the resort, was started by Mr Palmer's company Coeur De Lion Investments Pty Ltd on November 7, 2018.

It will be heard in the Federal Court in Brisbane on December 7.

The mother-in-law of ­Opposition Leader Deb Frecklington, Maree Frecklington, is among board members representing timeshare holders, who have been in a constant legal battle with Mr Palmer since he "temporarily closed" the resort in 2015.

 

Businessman Clive Palmer. Pic: (AAP Image/Jono Searle)
Businessman Clive Palmer. Pic: (AAP Image/Jono Searle)

 

Once the jewel in the Sunshine Coast's tourism crown, the resort was closed for refurbishment four years ago, putting 600 staff out of work, leaving shareholders of the resort's 144 villas in limbo and punching a gaping hole in the region's tourism industry.

The retirees each paid between $50,000 and $100,000 for a quarter share of a villa in the resort where power and water have been cut, leaving their "unsellable" investments to crumble.