Constantine's Almona owes $53m to banks

REPORT: Receivers are looking at Con Constantine’s Almona.
REPORT: Receivers are looking at Con Constantine’s Almona.

CON Constantine’s Almona Pty Ltd owes $53million to two banks but its properties could be worth $130million, according to a report lodged with regulators.

Westpac sent receiver-managers into Almona in August this year and the troubled state of the businessman’s empire is set out in a ‘‘report as to affairs’’ lodged with the Australian Securities and Investments Commission.

The report shows Mr Constantine put $18.5million into the Newcastle Jets soccer team, although a debt of this amount, claimed from Newcastle Soccer Pty Ltd, was written off by Mr Constantine as having ‘‘zero realisable value’’.

The report says Almona owes $46million to Westpac and $7million to National Australia Bank.

The state government’s Office of State Revenue is also seeking nearly $1.2million in unpaid land tax, with another $335,000 owed in council rates and water charges.

Westpac holds security over the Parklea markets, his Adamstown licensed club property and buildings in Hannell Street, Wickham.

The NAB has security over the former Newcastle museum site in Newcastle West.

Historical records show Mr Constantine paid $800,000 for the Parklea markets site in western Sydney in 1984.

In the latest report lodged with ASIC, the 59-hectare Parklea site is valued at $85million, or more than 100 times the amount paid 27years ago.

The Hannell Street properties are valued at between $23million and $25million and the Bryant Street, Adamstown, property, at $8million.

The various blocks of land comprising the museum site in Newcastle West are valued at between $7.7million and $15million.

Neither Mr Constantine nor the receivers responded to the Newcastle Herald’s requests for comment.