Where are the luxury cars?
Sheriff comes up almost empty-handed at Georgiou mansion
Port Elizabeth businessman Philip Georgiou, his wife, Yvette, and 31 cars belonging to a bank were nowhere to be seen when a sheriff-of-thecourt arrived at the couple’s empty mansion in Kragga Kamma Road, Port Elizabeth, yesterday.
With a court order in hand, the sheriff intended to confiscate a total of 33 vehicles — most of them luxury cars and all belonging to Grobank Ltd (formerly the South African Bank of Athens) — but it soon became apparent that little had been left behind, barring a dog, a parrot, some geese and just two of the vehicles he was after.
Two limousines, not the subject of court action, were also still parked on the front lawn.
But the most obvious of the missing items the bank wanted to retrieve was an Aston Martin Bond Edition, worth at least R3.5m.
A Houdini Security worker used a bolt cutter to pry open a heavy chain and locks on the front gate so that the sheriff and his team could gain entry to the property, which houses the Georgiou family home as well as Georgiou International, a boutique hotel and spa, and limo rental service.
Several curious onlookers stopped on the side of the road to find out what was going on.
Representatives from the bank, a security company, Houdini and the sheriff’s office were on the scene.
The business side of the property — also financed through Grobank — was similarly declared executable by the Port Elizabeth High Court on May 27, after several failed bond commitments.
On March 26, judge Glenn Goosen ordered that the sheriff of the court be authorised to attach, seize and hand over to Grobank a total of 33 vehicles with a combined value of more than R11m.
They included, among others, a 2014 Mercedes-Benz C180 valued at R399,000, a 2013 Audi Q5 2.0 worth R269,000, a 2014 Jeep Grand Cherokee 3.6 Overload worth R280,500, a 2014 BMW X5 valued at R629,000, nine 2018 and 2019 Datsun Go Lux vehicles with a combined value of R1.06m, as well as a 2015 Aston Martin DB9 Bond Edition worth R3.5m.
In addition, the court order allows the bank to institute further action for damages against the River Street Trust should the full amounts outstanding not be recovered after a public auction.
The Aston Martin was bought on November 17 2015.
The trust had put down a deposit of R800,000 for the vehicle and, in terms of the agreement, was to pay instalments of R50,843 a month over 72 months.
However, by January 2020, according to court papers, the trust was already R100,000 in arrears.
On January 24, Grobank sent a letter of demand to the trust, but the arrears remained unpaid.
And then, on February 10, Grobank cancelled the agreement.
John Vlismas, manager of Grobank’s legal division, said this meant that the trust was in
unlawful possession of the vehicle.
“Yvette and Philip have informed me that the trust is in financial difficulty and unable to pay the rentals and instalments,” Vlismas said in an affidavit attached to the court papers.
Similarly, in respect of the remaining 32 vehicles, all bought between 2017 and last year, the trust had fallen behind on its commitments.
Yvette had said in an opposing affidavit that she had been unable to prepare for the court case due to the nationwide lockdown.
She said she had been unable to consult with their attorney, Deon van der Merwe, not only because of the restrictions imposed by President Cyril Ramaphosa, but also because her husband suffered from a heart condition and was considered high risk for Covid-19.
A sign stuck on the gate of the property reads: “No entry. High risk area due to Covid-19.”
And while she stated further that Georgiou had been bedridden due to his severe heart condition for the last couple of months, there appeared to be no-one at the family home yesterday when the sheriff rang the bell.
While members from the sheriff’s office declined to comment, two people on the scene said it appeared as if much of the furniture had also been removed from the living area, while some other items were in the process of being packed up.
The parrot and dog were evidently still being fed.
A Range Rover, which had apparently broken down, and a Datsun Go, both found at the back of the large property, were the only two vehicles on the list of attachable items that were finally removed on two flatbeds.
They were then taken to the auctioneer’s office.
Throughout much of the afternoon, representatives for the bank attended to Georgiou’s other properties, including where his car dealership had been in Hurd Street, Newton Park, in search of the remaining vehicles.
Yesterday evening, no further vehicles had been attached yet, though a source said leads were being followed.
Asked where the cars were, Van der Merwe and Georgiou failed to comment.
A total of seven properties — worth R32m and financed through Grobank — were similarly declared specially executable by Goosen on March 27 due to failure to adhere to bond commitments.