The administrators of Carlauren Group have released their latest regular report.
There’s little of interest to report on the realisation of Carlauren’s property assets or hotel business. Nor is there any real further news on the personal bankruptcy of Sean Murray. Murray has had a £40 million asset freezing order imposed (which does not necessarily reflect the value of any assets held by him) but the administrators remain tight-lipped on whether any recoveries are expected from that quarter.
The administrators have managed to sell a private jet, a boat and a car, raising a net amount of £120,000 after accounting for fees and a loan secured on the jet.
While Covid had nothing to do with Carlauren’s collapse, which unravelled in 2019, it has complicated the administration (and not just in the “interminable Zoom meetings” sense).
Carlauren’s jet (tastefully call-signed M-URRY; investors are unlikely to recover the cost of putting a vanity licence plate on a private plane) originally found a buyer for $420k. That fell through when Covid made it impossible to transport the plane to its new owner in Nigeria. The other bidders were mostly interested in breaking the plane up for parts. Eventually the plane was sold for £292,000 but virtually all of this was swallowed up by agents fees of £62k and a secured loan on the aircraft for £217k.
And there you have the administration of a collapsed investment scheme in a nutshell (or a fuselage).
The sale of Carlauren’s boat Adamo – a “luxury motor cruiser” – originally found a bidder for €700k, but they pulled out after an inspection. The pandemic reduced interest in the boat and it was eventually sold for £396k, although port fees and other fees came in at £296k.
It’s not exactly a good time to try to sell a hotel business either.
At least Carlauren’s collapse in 2019 spared its care home residents from living under Carlauren’s management during the Covid pandemic, given the atrocious mess they made of it in old-normal circumstances.
It remains unclear whether any returns will be paid to Carlauren’s investors. Legal costs currently stand at £956,000 and the administrators own fees’ stand at £2 million to date.
Private Jet for 292.000 US , must be e vary small Jet.
Where can I find these deals ?
According to the administrators’ report it was about 25 years old, had been rusting in a shed for a year and was practically clapped out; most of the offers were to break it down for parts.
#ballin
Is anyone aware of what Mr Murray is doing now?
Mr Murray is currently in Dubai and has been for several months using the 50K Bounce Back Loan he somehow managed to get for his ‘new’ business. However, he is apparently now running out of funds…………….
Who would I have to contact to make an offer on one of the properties in administration
I would imagine the administrators, Duff & Phelps.
Hello Paul ,
If you are interested in buying care home with 2 or more contact me on [Removed – this isn’t the place to sell your second hand care home investment scheme holding. -Brev]
Best regards,
Francis.
Christine above is correct, we have photographic and video evidence of Murray at the Grosvenor House, amongst many other locations in the UAE, the con merchant is indeed running out of funds.
What a silly old fool he really is.
Mr Murray will end up just like Lou Pearlman, a bitter lonely old man in a luxury hotel all by himself. rest assured.
We tried very hard to buy Carlauren property from the receivers. No chance! They are simply running down the clock and posting eye watering fees. Every property comes with 100+ leases attached (at land registry) which can only be collapsed with a high court order. Half of them are overseas and cannot be contacted. Most investors are still delusional that they still have a business and with several sharp solicitors raking pointless fees from them, the court process will be a long and difficult one. Murray created the perfect chaos which is impossible to unravel. When the LPA bill is a few million more, they will probably go to court on the basis that there is no choice and all attempts to sell have failed. Its a receivers dream come true. There will be nothing left for investors.
With brokers taking up to 20% in fees, and with a spend of £23m on property, this still leaves nearly £40m outstanding. Surely there is a trace on were this went? Even with all his madcap spending, there must be a clear £30m transferred away?
Unbelievable
Perhaps this link might make people feel a bit better because the SFO will surely turn its attention to Carlauren fairly soon https://www.bbc.co.uk/news/business-58112342