The Queensland Office of Fair Trading is investigating a controversial golf resort scheme that has raised millions of dollars from investors, despite the developer losing control of the land more than a year ago.
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The QOFT is also looking into the handling of millions of dollars of deposits paid by overseas buyers hoping to secure luxury apartments at the Dusit Thani Brookwater Golf Resort and Spa scheme, overlooking the Greg Norman-designed Brookwater golf course at Springfield near Ipswich, about 25 kilometres south-west of Brisbane.
Fairfax Media revealed this month that Gold Coast-based developer Richard Turner had collected more than $3 million in deposits from Australian and Vietnamese buyers since his landowning company, Brookwater Resort Investments, went into receivership in October 2016.
Company documents indicate half a million dollars in deposits was collected in October 2017 alone. They also claim more than $6 million of the $10.2 million collected in total since 2015 is not being held in a trust account in Queensland.
The land was in June this year bought by another company, which has told Fairfax Media it plans to develop the site on its own.
The then-mayor of Ipswich, Paul Pisasale, launched the scheme at a "ground-breaking" ceremony in early September 2016, although the main creditor to Mr Turner's company had taken possession of the site two days earlier, after the company had failed to make interest payments.
Construction work has yet to start on the scheme.
Mr Turner's legal representatives, Gold Coast firm Hickey Lawyers, told Fairfax Media they would co-operate with the Office of Fair Trading in relation to any investigation it wished to make.
Mr Turner has previously denied any wrongdoing through his solicitors, which stated: "All sales have, to the best or our client's knowledge, been made according to the relevant laws that regulate the sale of proposed lots."
"All deposit monies provided to this firm are held in trust as required by law and invested as permitted by law," the legal firm said.
Fairfax Media understands an Office of Fair Trading investigator made contact with a lawyer representing several overseas buyers in recent days.
"The Office of Fair Trading is currently investigating this matter, and as such, it would be inappropriate to comment further at this time," the QOFT said.
"If anyone believes they have information which could contribute to or assist the investigation they should contact the OFT by calling 13 QGOV (13 74 68)."
