The ABC has the confused tale of what awaits the 213 depositors in the ongoing eyesore that used to be the Jamison Hotel:
The secured creditor BankWest has sold the large parcel of land for an undisclosed amount to recover their debt.
Any financial return to unsecured creditors is dependant on the bank debt being repaid in full, and other secured creditors claims being met.
However the majority of people who paid deposits for units off-the-plan may have their funds assigned to the new buyer of the land should the development go ahead – or their money could be returned.
Good luck to them!