Wednesday, December 22, 2010

More Legal Woes For Hermes' Boss

Gary Baker
They were financially devastated by the economic meltdown when their property empire went bust.
Now Sydney's high profile socialites Karin Upton Baker, the Managing Director of the fashion label Hermes and her husband Gary Baker have been summonsed to appear in court.

Troubles began for the pair when they failed to purchase every apartment in a Bondi block with spectacular views over the beach. They had planned to turn the 1920's style flats into luxury condominiums. As property values rocketed,  the remaining tenants demanded multi-million dollar prices for their unconverted flats directly opposite the uber smart Bondi Icebergs restaurant, favourite watering hole of the likes of Oprah Winfrey and Paris Hilton.

Elizabeth Bay Duplex
 The liquidator of Baker's company Montpelier seized the block to re-pay finance companies but some of the flats have been selling for up to two million dollars less than the Bakers paid for them. Now that liquidator has summonsed both to appear in the Supreme Court in February 2011.

Karin is battling to remain in her sumptuous Elizabeth Bay duplex that has hosted some of Sydney smartest parties for celebrities like Giorgio Armani and Elle McPherson. The pair owe $18M to the finance company Perpetual and Challenger Managed Investments who are trying to evict them from the house before it is sold by private treaty.

The pair have already auctioned  their fleet of sleek black cars that were housed in the heated garage of the duplex that boasts a turntable and an elevator into the living area.

Amongst them was Karin's favourite  vintage Pagoda style Mercedes along with a Bentley Continental and a Rolls Royce Phantom all with distinctive XXX number plates.