Catholic Church business figure at centre of bitter island resort feud where essential services have now been cut off
THE Sydney businessman at the centre of a bitter dispute that has seen power, water and gas cut off to residents of a Gold Coast island resort is a senior property figure in the Catholic Church and has formed a mystery company with a high-flying developer.
Simon Napoli is the sole director of two companies which last week cut off essential services to dozens of residents at Couran Cove on South Stradbroke Island, off the Gold Coast.
Mr Napoli, who heads property investment firm Edg Capital, sits on the Property Advisory Board of the Archdiocese of Sydney and the Diocese of Parramatta, where he also previously served on the board for Catholic Care.
Last June, he set up a company called Villas on Stradbroke
Pty Ltd with Melbourne property developer Rosario “Ross” Pelligra, who is developing a $480m Ritz Carlton hotel and superyacht marina at Mariners Cove at Main Beach. Mr Pelligra has partnered with another prominent Melbourne developer, Dean Giannarelli, to redevelop Mariners Cove.
Mr Giannarelli is the former partner of The Real Housewives of Melbourne star
Gina Liano and father of Married At First Sight star Dino Giannarelli.
Sources say Dean Giannarelli attended a high-powered breakfast at The Langham Gold Coast hotel in December where he told guests, who included Tourism Minister Stirling Hinchliffe and Glitter Strip tourism and development industry executives, that he had “just bought Couran Cove”.
He denied this when contacted for comment. “Incorrect,” he said. “The guy that you should ring is Simon Napoli.”
Company records reveal Mr Napoli was previously a director of a $1 company called Couran Cove Holdings Pty Ltd which owns the waterfront arrivals building at Couran Cove.
Mr Napoli ceased the role last November and was replaced by another Sydney businessman, Beijing-born Howard Hao Ting Cao.
Another Napoli company, W N Developments (NSW) Pty Ltd – which still holds the
The committees have breached their obligation SPOKESMAN
mortgage over the Couran Cove arrivals building – was previously the sole shareholder in Couran Cove Holdings but relinquished its share to Option Funds Management Ltd.
Option Funds Management is controlled by directors including Mr Cao and Jason Meares, brother of James Packer’s ex-wife Jodhi Meares.
Company records show Option Funds Management’s share in Couran Cove Holdings is being held on behalf of an undisclosed party.
A Couran Cove spokesman said Mr Napoli did not know who that party was.
The spokesman said Mr Napoli established Villas on Stradbroke last June because the Pelligra Group “were at the time negotiating with the hotel owner at Couran Cove to expand their national hotel investment portfolio”.
Asked if Mr Napoli saw any conflict between his Catholic Church involvement and the Couran Cove situation, the spokesman said the businessman had volunteered his time as a property adviser to help the church develop new schools, domestic violence shelters and places of worship.
“We cannot see any correlation … in relation to his role as a director of an infrastructure company at Couran Cove that is owed over $20m by the body corporates, nor do we see how you can contemplate that there is any conflict,” he said.
Asked about a GoFundMe campaign launched by stricken Couran Cove residents who claim that they are the victims of a dispute involving “corporate bullies”, the spokesman said many property owners had paid their body corporate levies but these had not been passed on by two strata committees at the resort.
“The committees have breached their obligation to pay for those services so the bills remain outstanding,” he said.
“The power and water bill is not paid and the services have therefore been disconnected.”
The spokesman claimed hundreds of thousands of dollars in levies to pay for essential services had been wrongly diverted.