Paradise lost: Virtical pub empire’s problems have roots in Eden
by Larry Schlesinger, , David Marin-Guzman · Australian Financial ReviewLarry Schlesinger, , David Marin-Guzman and , Max Mason
After a long career as a commercial builder working up and down the NSW South Coast, Neil Rankin hoped selling a restored heritage pub to a Sydney developer who swept into his home town with multimillion-dollar plans would set him up for a quiet retirement.
Like many in Eden, a small port town at the very southern end of NSW, Rankin was initially charmed by John Palasty and his Virtical group’s plans to build a $100 million luxury resort, dubbed Sapphire of Eden, on the site of the former Fisherman’s Club.
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Larry SchlesingerReporterLarry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
David Marin-GuzmanWorkplace correspondentDavid Marin-Guzman writes about industrial relations, workplace, policy and leadership from Sydney. Connect with David on Twitter. Email David at david.marin-guzman@afr.com
Max MasonSenior reporterMax Mason covers insolvency, courts, regulation, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
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