Property developer Paul Alexander drives a top-line Ferrari and gets helicoptered to a million-dollar holiday home in Coromandel's exclusive Matarangi township - despite bankrupting himself six months ago because he owed more than $3 million to creditors.
Monday, January 17th 2005, 6:02PM
by The Landlord
The High Court ordered Alexander, 49, to pay more than $2.2m to Rudi Gitmans, his former business partner and biggest creditor, before he bankrupted himself.
Gitmans said he was now broke and relying on legal aid to continue his battle against Alexander.
An official assignee's insolvency report into Alexander - who was also declared bankrupt in 1993 - shows that eight unsecured creditors were claiming $3.4m as at August last year. The main reason given for the bankruptcy was adverse legal action.
The report said the official assignee was continuing investigations into Alexander's affairs.
When approached last week in Whitianga, where Alexander had driven the Ferrari from Matarangi, Alexander initially told the Star-Times the car was his.
However, when he was asked how a bankrupt could be driving such a car, he replied: "It doesn't, it is a family car." He refused to answer further questions.
The 550 Maranello Ferrari - worth around $300,000 - was previously owned by ex-pat millionaire Eric Watson.
Alexander bought the car in March 2003 and transferred registration to Compark Properties four months later.
