LM receiver sells Peter Drake’s $37M home for $7.35M

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Gold Coast fund manager and retirement village owner, LM, continues to be in the news given its collapse and receivership. ANZ has foreclosed on the mortgage of LM’s founder Peter Drake’s four storey home at Mermaid Beach which was valued at $37M in the boom, then listed at $20M but just sold for $7.35M. Drake is also being pursued for the $46M he borrowed from LM. Now it has emerged that LM was paying investment advisers in Hong Kong 9% upfront commission and accepting deposits up to one week before LM went into administration and while LM was failing to repay fund redemptions.