In all, the English property developer owned 24 central-city properties with a combined land and built value of $22.5million.
The rates arrears related to 17 inner-city properties.
In January 2005, he took possession of a former St Hill St carpark, settling on a purchase price of $228,375.
Council finance was provided by way of a 10-year loan secured by a mortgage, with repayments due to start in March 2007.
Since then, the council had given Mr Efstratiou two time extensions as well as shortening the term of the loan from 10 years to eight years. He began repayments in June this year.
Final payment on the remaining $192,000 was not due until May 2020.