Mosman home of missing iProsperity executive Harry Huang goes to auction for $10m

Missing iProsperity executive Harry Zhou Xiang Huang continues to evade authorities in the wake of the property empire’s collapse, but that hasn’t stopped disgruntled creditors forcing this Mosman mansion to the market with a $10 million guide.

At that price, the four-bedroom residence near Chinamans Beach is set to sell at a loss given Huang paid $11.4 million for it in 2017 from Arjen Lugtenburg, of South African fund manager Allan Gray, and his marketing consultant wife, Adriane Lugtenburg.

Huang and iProsperity founder  Michael Menghong Gu fled overseas last July, just weeks after the group collapsed thanks to a travel exemption by the Department of Home Affairs, leaving behind debts amounting to as much as $350 million.

Gu’s nearby Mosman home was sold on behalf of mortgagee Credit Suisse last November for $12 million, and the Seaforth home owned by his mother Su Ju Bu sold soon after for $6.25 million.

At the time, iProsperity was feted in the financial pages as one of the biggest players in the federal government’s Significant Investor Visa program in which wealthy foreigners were granted fast-tracked residency visas.

Huang’s home on nearby Fairfax Road has a slew of caveats lodged on the title by disgruntled creditors.

Tim Foote, of Belle Property Mosman, who sold Gu’s nearby Superba Parade home, has scheduled Huang’s home for auction this Saturday.