A Rose Bay family home has become the latest casualty in the ongoing financial troubles facing hospitality entrepreneur Jon Adgemis, with the Conway Avenue property now under mortgagee possession and being prepared for sale.
The six-bedroom house at 2A Conway Avenue, situated on a 567-square-metre block, was co-owned by Mr Adgemis and his mother. The property had been home to Mr Adgemis’s sister and her son until recently, when it was emptied and secured by the mortgagee.
Signs now posted on the property doors warn that “the mortgagee is in possession of this property” and advise that all doors and windows have been secured, with prosecution threatened for any trespassers. Padlocks have been installed on the gates, and the interior has been stripped of furniture and fittings, including televisions that were removed from the walls.
The repossession forms part of efforts by La Trobe Financial to recover $6.2 million that Mr Adgemis borrowed to finance his business operations. The financial institution had applied to the Supreme Court to repossess the Rose Bay house, which was purchased for $4.45 million in 2018.
Reports indicate that repossession notices have appeared on the property as part of efforts to recover millions in business debts, though it is understood that Mr Adgemis’s mother’s share of the house will not be affected by the action taken against her son.
The situation has proved particularly complex due to allegations that emerged earlier this year regarding the mortgage arrangement. Court proceedings revealed that Mr Adgemis’s mother claimed she had no knowledge of legal documents related to the mortgage and maintained she never received any such paperwork.
Real estate agents Fred Small and Steven Zoellner from Laing and Simmons Double Bay have been appointed to handle the sale. Industry estimates suggest the property could now be worth between $7 million and $8 million, representing significant appreciation since its 2018 purchase.
The property’s title reveals multiple caveats from various creditors, including the chief commissioner of state revenue, highlighting the extent of the financial entanglements surrounding Mr Adgemis’s business empire.
Mr Adgemis’s Public Hospitality Group has accumulated debts reported to be around $500 million, leading to a series of refinancing attempts and property disposals. In February 2025, Mr Adgemis paid $400,000 to creditors as part of a settlement deal, though this appears insufficient to resolve all outstanding issues.
The hospitality entrepreneur’s business empire previously included prominent Sydney venues such as Oxford House, The Lady Hampshire, Camelia Grove, and Noahs Backpackers. However, the business began to struggle after taking on hundreds of millions in debt at high interest rates just before financing costs rose significantly.
Mr Adgemis, a former KPMG dealmaker, has relocated from the family’s Rose Bay home and now resides in a Bondi apartment. The Conway Avenue property situation represents a personal impact of the broader financial difficulties that have affected his hospitality ventures across Sydney.
The repossession highlights how commercial financial troubles can extend to impact family properties and local communities, with Rose Bay residents witnessing the dramatic change in circumstances at what was once a thriving family home.
The property is expected to be placed on the market in coming weeks, with the proceeds to be applied towards outstanding debts. Local residents and property watchers will be observing the sale closely, given the premium location and the substantial value increase since the original purchase.
Published 18-July-2025
