Medichs Snag Evandale Farm, Boost Land Empire

0:00Father and son property investors Roy and Anthony Medic are building a massive land empire in Australia's southern highlands. They've just snagged the Evandale farm of 585 hectare gym for around 40 million dollars from troubled seller Peter Crown. This off-market deal, revealed through a title caveat, marks their second big buy from him and boost their total holdings to 1200 hectares, making them top players in the area. Earlier, the medics tried to grab 1300 hectares in a bulk sale from Hume Cole back in 2021 with an 85 million dollar bid, but Crown outbid them at 101 million. Now the tables have turned as Crown's finances crumble. They also picked up the historic Mirworth property for 49 million in 2022. Crown's grand visions for the land like a 5,000 home township, racetrack club, and tech park have fizzled out amid huge debts. He first seized his holdings last year after he defaulted on an 87 million dollar loan,

1:02part of 120 million total with, sky high interest up to 72 percent. Now debts to one lender alone, top 137 million, sales are flying. Another farm went for 13.3 million to the board brothers, an office for 400,000, leaving just 82 hectares unsold. Crown's fighting back in court tangled in 16 Supreme Court cases, mostly without lawyers. He lost a recent appeal over 10 million in shares from software firm ALO, dismissed in 30 words. With Crown's empire dismantled in the medics rising, the Southern Highlands land game stays hot pastoral field staying farms for now, but watch for. With these investors dropped next, stay informed with Sydney News today, AI Powered Updates.