Hundreds of employees, vendors, subcontractors and would-be homeowners were devastated after news broke yesterday that Oracle Homes had collapsed owing millions.
In a statement to news.com.au on Wednesday, liquidators confirmed that the Logan-based builder’s demise had left 70 employees and 200 suppliers and subcontractors destitute, as well as 300 homes that were in the process of being completed.
But now, details of the luxurious life of the Queensland company’s managing director, Tom Orel, have emerged.
According to property data seen by news.com.au, Mr. Orel enjoys a stunning $5 million waterfront mansion located in the Gold Coast’s exclusive Benowa Waters.
The two-story, six-bedroom luxury home, which overlooks the Nerang River, is listed in the name of Orel’s wife, Elia.
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Ms. Orel is also a director of the failed company.
Ms. Orel’s 1,122-square-meter estate comes with a host of prestigious features that Mr. Orel can enjoy, including five “designer” bathrooms, a movie theater and private pool, huge office, BBQ area , terrace and mooring for pontoon boats.
According to a 2012 real estate listing for the property prior to Ms. Orel’s purchase, the “super-stylish designer home is a must-have for any large family looking for the ultimate lifestyle home.”
The listing claimed that the “exceptional home” offered an “exceptional standard of relaxed living surrounded by every luxury at a prestigious and sought-after address.”
“The stunning layout offers six oversized bedrooms, five designer baths and a powder room, plus a home theater, oversized office, game room/gym and upstairs teen haven,” continuous.
“Open plan in its true sense, the living room, dining room, kitchen and outdoor entertaining areas are effortlessly integrated, along with extra-high ceilings and scenic windowed walls to create an ambience of infinite space.
“The designer kitchen is complete with a large breakfast bar, Miele-equipped appliances including a coffee maker, and a large butler’s pantry. Bifold windows form a server to the professional BBQ kitchen on the riverfront entertaining deck.
“Outdoor relaxation areas are numerous, all overlooking the private pool, terrace, tropical gardens and panoramic river/inland view.
The glimpse into Mr. Orel’s lavish lifestyle comes as harrowing details begin to emerge of the devastating impact the Oracle failure has had on many Australians.
Staff said they were surprised when they received a call informing them that the construction company had gone bankrupt, while homeowners now face ever-increasing construction costs to complete their homes.
One of them is Oracle client Montana Wilkinson, who told news.com.au that she and her husband had shelled out $211,000 for a partially completed house and were now left in limbo.
“They (Oracle) just ruined everybody’s life,” Ms. Wilkinson said.
Sadly, Oracle is just the latest construction company to go bankrupt as the construction industry reels from a perfect storm of conditions including rising building material costs and the ongoing supply chain crisis. along with fixed price contracts.
As a result, a number of high-profile companies have gone bankrupt in recent months, with Queensland companies particularly hard hit.
Gold Coast-based Condev went into liquidation this year and in early 2022 two Queensland companies collapsed within days of each other, Pivotal Homes and Solido Builders.
The most recent construction liquidation was another Queensland builder, Besse Construction, which collapsed last week and owed $1.7m.
– with Alex Turner-Cohen
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