KEY POINTS:
Blue Chip founder Mark Bryers has been ordered to pay a Singapore-based property developer $15.4 million or potentially face bankruptcy.
Late yesterday, the High Court ruled that Mr Bryers must pay Consolidated Technologies Development $13.6 million for 49 residential sections he agreed to buy alongside the Gulf Harbour
golf course.
The ruling, by Justice Judith Potter, also orders Mr Bryers to pay $6921 a day in interest from October 26, when the deal was supposed to have been settled - a total $1.8 million.
After Mr Bryers failed to settle on the sections, Consolidated Technologies sought a summary judgment ordering him to cough up. The matter was heard in the High Court at Auckland last week.
Yesterday, Justice Potter awarded Consolidated Technologies the summary judgment, saying the agreement that Mr Bryers would buy the sections along the second and sixth fairways of the golf course was "unambiguous".
If Mr Bryers fails to pay the money, Consolidated Technologies can begin bankruptcy proceedings against him.
Consolidated Technologies is owned by the family interests of Singapore-based developer Cheow Teck Tan.
Through his lawyer, Mr Bryers argued the company should have given him a separate sale-and-purchase agreement based on standard Auckland District Law Society rules.
But Justice Potter said "at no time" did Mr Bryers seek any further agreement, even in the face of a settlement notice.
And even if he had been entitled to call for a further agreement, it would not have changed the terms and conditions of the deal.
Mr Bryers founded the Blue Chip property investment scheme, which collapsed in February with the liquidation of 21 Blue Chip-related companies.
Around 2000 small investors are owed at least $84 million, and a Serious Fraud Office investigation is under way.
Mr Bryers is understood to be living in Australia and running a property investment scheme that bears remarkable similarities to Blue Chip.
Only the agreements over Gulf Harbour sections Mr Bryers was personally due to buy are being pursued.
In separate action, the adjacent golf course and country club, and a site intended for a resort hotel - all owned by Mr Bryers' interests - are understood to be going to mortgagee sales.
THE MARK BRYERS FILE
* A qualified lawyer and tax accountant.
* Founded Blue Chip about five years ago with Bob Bangerter. It collapsed in February with the liquidation of 21 Blue Chip-related companies.
* Owns the Gulf Harbour Country Club north of Auckland. He intended to build a five-star luxury resort hotel on the site. Receivers were last month appointed to a business involved in the club after a default on a large loan.
* His personal wealth was estimated at $70 million on the 2007 NBR Rich List.
* Until recently was living in a Remuera mansion on a 2190 sq m section.
* Is now understood to be living in Australia and running a property investment scheme under Sydney company Barkley Walsh, a subsidiary of ASX-listed Northern Crest Investments. (Northern Crest was previously Blue Chip Financial Solutions.) He is believed to own a penthouse apartment in inner Sydney.
* Drove a silver 2006 Mercedes 600 saloon that boasted a "full entertainment system, infrared cameras and screen for night driving". The car failed to sell at an auction last month when bidders couldn't meet the price guide of $180,000 to $200,000.
* Bryers and Bangerter owned a 22m luxury motor yacht, Nirvana, which they planned to run as a charter boat, but the partnership went sour and Bangerter took on the boat.
