Bank chasing disgraced nightclub baron for $4m
A MILLIONAIRE former nightclub baron who left the club business after he was busted supplying cocaine to teenage girls is in financial hot water over a $4m loan.
Jamieson Lawrence Pickering, 55, from Surfers Paradise, has been sued by the National Australia Bank in the Supreme Court in Brisbane, along with two of his companies which are trustees for his family trusts.
The bank alleges that Pickering, the son of the late boiler-room conman and cartoonist Larry, failed to repay $1.4m outstanding on the $4m line of credit in a Portfolio Facility Agreement (PFA) Mr Pickering and two of his companies took out in February 2011, according to its claim filed last week.
The bank has asked the court to order Mr Pickering repay the loan or to give the bank possession of the apartment which is owned by Mr Pickering's company Krysmont Pty Ltd.
Property records show that Krysmont bought the apartment for $965,000 in June 2002.
The bank slapped Mr Pickering with a notice on August 20 last year stating that it "may sell" the Krysmont Pty Ltd apartment in the Moroccan Tower B on Elkhorn Ave in Surfers Paradise unless he paid $1.4m within 31 days.
The notice came after a "notice of default/demand" for $1.4m on July 30, after cancelling his loan and ordering him to repay $1.4m, the claim states.
It came after the bank wrote to Mr Pickering on January 23, 2019 and told him he needed to refinance with another lender by May.
A mortgage over the apartment was given as security for the PFA, the claim states.
No defence has been filed to the claims, no court date for hearing has been set.
Speaking outside court yesterday afternoon Mr Pickering's business partner Matthew Keegan told The Courier-Mail that he was told about the lawsuit earlier this week, and NAB had told him they case would be "dropped" to an "an ommission" on NAB's part.
"It's a mistaken on NAB (their lawyers) part," Mr Keegan told The Courier-Mail.
"This facility has been paid, they will be discontinuing on this basis," he said.
"It is very frustrating taht we were not notified," he said.
In April 2016 Mr Pickering was sentenced to three years of probation for supplying girls, then aged 16 and 17, an unknown quantity of cocaine at a party in his Surfers Paradise penthouse on March 1 2014.
Four months after his sentence, Mr Pickering officially handed nightclub The Bedroom over to his 24-year-old son and manager Max, selling the Orchid Ave night-life hotspot to him for a dollar and quitting his directorship and shareholding.
Mr Pickering was reported as saying he handed over to his son because "licensing authorities were questioning his suitability as a venue owner" after his cocaine supply conviction.
He later lost his bid to overturn the recording of a conviction for the cocaine supply.
Mr Pickering sold his stunning penthouse in Mantra's Circle on Cavill in 2012 for $3.6m and
his company Krysmont has offloaded nearly a dozen Gold Coast properties over the past two decades.
They include the sale of the Sin City nightclub in Surfers Paradise in 2013 to a related company for $3.5m. The nightclub was on-sold three-years later for $5.2m to David Brandi, a Melbourne accountant.
Krysmont also sold a palatial home in dress-circle Monaco Street Broadbeach Waters for $3m in 2002, and a seven bedroom retreat in Worongary in 2015 for $3.8m, a neighbouring four-bedroom house for $725,000 in 2016, and canal-front land in Broadbeach Waters for $1.5m in 2007.