’Perfect storm’: Cosmetic surgeon Zion Chan defaults on mortgage and forced to sell in Point Piper
One of Australia’s top cosmetic surgeons, Dr Zion Chan, no longer able to work after a serious car accident, has been forced to sell the Point Piper home he bought for $2.3 million last March after he defaulted on his mortgage.
The second-tier lender who financed the purchase of the two-bedroom apartment with iconic harbour views at 12/55-57 Wolseley Rd, has changed the locks twice and is threatening to repossess the property, currently on the market with Sydney Sotheby’s International Realty’s Spencer Liang Sun and principal Michael Pallier.
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The agents previously had a $2 million price guide, but Dr Chan has now authorised a revised guide of $1.9 million after pressure from the lenders. It’s now set to go to auction on June 5.
“Dr Chan has been caught in a perfect storm,” Mr Pallier said.
“We’ve been instructed that this property has to sell.”
Dr Chan, who is also experiencing a difficult separation from his wife, is very upset that the lender, Pacific 8, won’t give him more time to sell the property in the current challenging property market.
The property has been on the market for almost three months.
“I can’t believe the way these lenders are treating me,” Dr Chan said.
“Their aim is to sell my property cheap when I am in a disadvantaged position — not the Australian way.”
Dr Chan, renowned for breast augmentation cosmetic work, operated from a Macquarie St surgery up until July last year.
He said he suffered serious neck and shoulder injuries in a car accident in 2014.
The symptoms started to deteriorate further last July, forcing him to stop work.
“So I have zero income,” Dr Chan said.
“In the accident, I was hit from behind and did serious damage — now I can’t move my arm so I can no longer perform surgery.”
In correspondence seen by the Wentworth Courier, lawyers for Pacific 8 dispute that Dr Chan actually lives at the apartment because it was “furnished with show furniture for the proposed sale and was being shown to prospective purchasers”.
But Dr Chan replied to them: “I have my clothes there in a suit case — I keep things light as I want to sell and move on so I don’t even take a shower … I sleep on the floor and sofa.”
Today he told the Wentworth Courier: “After the royal commission, the Deputy Chairman of ASIC said all corporate businesses must be aware of a societal shift in standards and ethics … and I think the lender’s case in this situation is appalling.
“If they’re doing this to me, imagine what they’re doing to people who are less resourceful and less able to expose these issues.
“I’m not proud I am behind in payments, but unfortunately the circumstances of me being medically unwell make it difficult and I am a willing seller in the market.
“I’m happy to sell for a bit under what I bought it for — all I want to do is move on.”
The Wentworth Courier spoke to Adam Tilley, a director at Pacific 8, who said: “The bloke hasn’t paid his mortgage for six months and it’s before the courts — it’s as simple as that.
“The property’s going to auction … so let’s hope it sells.”