Former rugby league star once banned by corporate regulator lists $12m estate

Former rugby league star Lou (Lubo) Zivanovic and his wife Olivia Zivanovic have put their grand Dural estate on the market with a price guide of $12 million to $12.5 million, local sources say.

Lou was banned by the Australian Securities and Investments Commission (ASIC) for three years from 2016 to 2019 over the collapse of 18 building and construction companies he operated, as previously reported by this masthead.

Records show the Zivanovics purchased the six-bedroom, four-bathroom property for $11 million in October 2021, with settlement in February the following year. The pool was already there, but substantial renovations have been made, including a new kitchen, painting, wall panelling and landscaping improvements, local sources say.

The single-level house has a porte-cochère entrance, travertine floors, a Calacatta marble kitchen, cinema, gym, games room with bar and wine cellar, and bi-fold doors that lead to an al fresco zone with a pool, spa and outdoor kitchen.

ASIC initially banned Lou in February 2016, but this announcement was suppressed while the former Penrith Panthers star appealed the decision. A Federal Court decision in 2018 lifted the suppression order, revealing that Lou lost his appeal to the Administrative Appeals Tribunal. He was disqualified from managing corporations until 18 February 2019.

ASIC stated that all 18 companies were allegedly “insolvent and had failed to keep books and records”.

According to the corporate regulator, creditors were left with unpaid debts totalling $26.8 million from the collapse.

Lou said in 2018 that $24.5 million of this amount was owed to him via intercompany loans; the remainder was owed to the Australian Tax Office. He claimed that every other creditor was paid in full.

After the ban expired in 2019, Lou became the sole director of various companies, including Cabe Developments, a property development firm which he founded in 1999.

Lou played 116 games for Penrith between 1979 and 1986, and still has strong ties to the NRL club. Cabe is the developer behind a $500 million development called ESQ 1818 (East Side Quarter), an 850-apartment project within the Panthers precinct.

William Brush of Manor Real Estate, who holds the Dural listing, declined to comment on the listing, vendors’ identities and decision to sell when contacted by this masthead.

Inner-city living

Angela Fleming, wife of the late Jim Fleming, who launched the Jewel supermarket chain, has bought into the new residential development at Castlereagh Street in the CBD, the former site of the David Jones menswear store.

Settlement documents that emerged last month reveal Angela bought two four-bedroom, five-bathroom units, one for $15,215,000, and the other for $4.2 million. Both apartments were purchased off the plan in 2021.

The development includes one, two, three and four-bedroom residences, and architecture and interiors are by fjcstudio. Design details include hand-finished stone, marble and floor-to-ceiling windows.

Communal areas include an outdoor pool, terraces, fitness studio with yoga deck, a private dining room and wine cellar.

Angela sold her four-bedroom, three-bathroom abode in Bellevue Hill for $10.25 million in March this year. She bought it for $6.5 million in 2015 and made some modern updates.

The Bellevue Hill property was sold by Adam Reichman of Ray White Double Bay and Paul Langsam of Raine & Horne Double Bay. Both declined to comment on any aspect of the sale.

Jim, who died in 2007, bought NSW grocery chain Warman’s Stores and relaunched the business as Jewel Food Stores in the 1970s before selling it to Davids Holdings in 1995 for $59 million.

In his later years, he was involved in the racing industry, becoming chairman of the Sydney Turf Club from 1983 to 1990.

Colliers initially managed the residential campaign for the Castlereagh Street development. However, Belle Property has now been appointed.

Designer pad for sale

An eye for design may prove handy for celebrated interior designer Greg Natale and his partner, Jason Greenhalgh, as they list their Darlinghurst apartment with a price guide of $4 million.

Records show the couple bought the two-bedroom, two-bathroom unit in the landmark Horizon building, designed by late architect Harry Seidler, for $1,785,000 in 2016.

Natale transformed the interiors into a bold and glamorous space that features maroon carpet, Italian stone, marbled wallpaper, white lacquered cabinetry in the kitchen, brass details, and mirrored and metallic surfaces.

In the two bathrooms, the walls are clad in Natale’s Ponti marble tiles from his collection, teamed with terrazzo floors.

The balcony offers views of the city skyline, Harbour Bridge and Opera House, and communal areas in the complex include a pool, tennis court and gym.

Natale founded his Sydney studio in 2001 and has designed residences from New York to London and Sydney’s Mosman.

The property is being sold by Jean-Michel Rudsdale of Highland Double May Malouf.