Secret deal on Hedges

Former real estate king accused of commission fraud

FORMER Gold Coast real estate king Michael Kollosche has been accused of pocketing a secret commission of $100,000 for his role in the sale of a unit on millionaires’ row.

Details of the undisclosed Hedges Ave deal are provided for the first time in updated amendments to a statement of claim filed by Hong Kong pilot Daryl Platt, his wife Kylie and Andrew Nash.

Mr Platts and Mr Nash are seeking $5.4 million damages from several parties, including Mr Kollosche, following negotiations to buy unit one, 147 Hedges Ave during 2007. It settled for $6.25 million.

The initial statement of claim lodged with the Supreme Court in Brisbane two years ago alleged Timothy Rice, who was the director of 147HA, was originally contracted to buy the property which had a “special condition”.

Mr Rice’s company would receive a $650,000 early settlement discount when the property was due to settle in March 2007, the original statement of claim alleged.

An amended statement of claim lodged late this week alleged “that the Platts would in taking over the contract be unaware of the $650,000 discount which 147HA would be entitled under the original property contract”.

Mr Kollosche and Mr Rice had a “principal and agent relationship” since 2005 and the pair met separately with the Platts during February 2007, where the couple were alleg- edly told the property would sell for $7.5 million with a makeover.

The $650,000 was not receipted into the trust account of Mr Rice’s lawyers but sent to “a file opened in the name of another corporate entity under the control of Rice”.

Mr Kollosche later allegedly received the payment of $100,000 after an invoice was issued for the sale of a property at 97 Hedges Ave.

“That sum was not a commission in respect of the sale of that property at 97 Hedges Ave, Mermaid Beach because that transaction did not proceed and no commission was liable to be paid ...” the amended statement of claim said.

“It was a secret commission or benefit paid by Rice to or for the benefit of Kollosche defendants (companies) from the profits of the sale of the property to the plaintiffs (the Platts).”

Lawyers for the Platts in their claim maintain the failure to disclose the $100,000 was intentional, not inadvertent.

Mr Rice in May 2007 directed his lawyers that the $650,000 be receipted as part of the transaction for 97 Hedges Ave, as part of a deposit of $550,000 and $100,000 to Mr Kollosche, the statement of claim alleged.

The Platts and Mr Nash have sought damages against Mr Kollosche and his companies for fraud. The other defendants include lawyers Short Punch and Greatorix, Paul Damien Jones and Herron Todd White valuers.

Mr Kollosche could not be contacted for comment yesterday.