The long-running saga over the $60 million deal to sell the vast Eynesbury estate in Melbourne's west looks to be in jeopardy again with the buyer Hyde Property Group, controlled by Melbourne apartment developer Francis Kwong, defaulting on payment for a second time.
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Villa World struck a deal to sell the undeveloped portion of the estate, as well as the Eynesbury Golf Course, to Hyde in November 2013.
Hyde paid $30 million for the first tranche of the deal and a further $24.7 million towards the revised purchase price for the second portion but defaulted on further payments before negotiating a new settlement date for November 27.
Villaworld said in a statement Hyde had failed to pay the final instalment by its November due date.
"The Company is currently considering a proposal from the purchaser to remedy its default, and has reserved its rights against the purchaser including the right to issue a statutory notice of default at any time," it said.
