Antony Catalano’s hold on his property empire is looking increasingly tenuous after the financing behind his latest Byron Bay project was withdrawn following his alleged violent attack on his wife, Stefanie Catalano.
On Monday, Catalano’s eldest son, Jordan Catalano, was in negotiations with a new financial backer to the Bonobo by Raes project, just four weeks before the $112 million luxury apartment complex is due for completion.
The refinancing arrangements come as Catalano snr’s name is being removed from much of his corporate register, with new directors set to replace him across his various businesses.
Catalano’s empire has been plunged into crisis since March 13, when he appeared in a Victoria court accused by police of dragging his wife around an apartment by her hair and ankles, and swinging a clothes iron at her head in an alleged assault that left her with a broken coccyx.
“I have been struggling with significant mental health and substance abuse issues,” Catalano said in a statement following his arrest. “Those close to me have been urging me to seek professional help for some time and there have been interventions by close family and friends. I regret not heeding their advice and I continued to believe I could hide my mental health issues.
“In light of recent events, I have now accepted that I need help, and I will be checking myself into a rehabilitation program immediately. I will also be taking a six-month leave of absence from all professional responsibilities so I can focus entirely on treatment and recovery.”
On Friday, Catalano was replaced as a director on the family’s investment company, Kirant Property Pty Ltd, and Jonson Street By Raes Pty Ltd, and replaced by his son Jordan Catalano.
He has also stepped down as a co-director of regional jobs platform ViewJobs, leaving founder and managing director Lewis Romano as sole director.
Catalano is expected to be replaced as a director on a slew of other corporate interests in the coming months.
The Bonobo by Raes project is a redevelopment of the former Byron Backpackers building into a luxury 41-apartment and retail complex. The development was a joint venture between Podia and Centennial Property Group, and management rights were sold to Raes.
Podia’s Michael Grassi said the Raes side of the project has been spearheaded by Jordan Catalano and Raes’ general manager Marty McCaig, with no involvement from the family patriarch.
“Jordy [Catalano] is a smart, professional operator whose world has been turned upside down in recent weeks, all while he’s had to take over the family operations as his dad enters rehab,” Grassi said. “He hasn’t stuck his head in the sand. He’s shown real leadership.”
The refinancing behind Bonobo by Raes is expected to separate it from the broader Catalano family property portfolio.
The family’s marquee property holding is the boutique hotel and restaurant Raes on Wategos Beach, purchased by Catalano in two parts in 2013 and 2014, and run by Jordan Catalano in recent years. The title is held by Kirant Property, of which Catalano jnr is the sole director, and it is owned by a family company of which Catalano snr remains sole director.
Jordan Catalano also runs Raes Guesthouses, a few doors from Raes on Wategos. It is held by a five-year lease of $300,000 a year.
There is a Westpac mortgage on the family home up the road owned by Stefanie Catalano, and on a separate 4230-square-metre parcel of land in front of it, for which plans have been lodged to build a gargantuan family mansion. The site was purchased for $24.74 million.
In December, a mortgage was lodged on the title of a separate adjoining block owned by another of Catalano’s sons, Luca, as collateral for a $2.25 million loan to Jonson Street by Raes Pty Ltd, with stipulated interest rates of 9.1 per cent to 15.1 per cent.
Catalano’s Melbourne penthouse atop the landmark Saint Moritz building in St Kilda was withdrawn from the market last week. Purchased off the plan for $30 million in 2019, it was listed last year with hopes of a $33 million to $36 million sale before the price was dropped recently to $29.95 million.
Also for sale is Catalano’s $9.25 million penthouse on the Mount Buller ski fields in the Victorian Alps.
Catalano stepped down as executive chairman of his Australian Community Media last week, publisher of The Canberra Times, Newcastle Herald and Illawarra Mercury, as staff passed a vote of no confidence in him following the allegations.
ACM was bought by Catalano and his high-profile Melbourne business partner, Alex Waislitz, from Nine Entertainment (publisher of this masthead) in 2019 for $125 million. Waislitz moved to distance himself from Catalano last week, describing the allegations as “incredibly confronting”.
Waislitz and Catalano are also co-owners of real estate start-up View Media Group.
Catalano has since entered rehab ahead of a scheduled May 11 court appearance on the alleged assault charges.
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