ONE of the region's most exclusive properties has been returned to its former owner after buyers failed to settle the multi-million dollar contract of sale.
Coffs Coast resident Guillermo Munoz has been awarded possession of 267 Friday Creek Rd in Upper Orara in a judgment issued by the Supreme Court of NSW this month.
The case dates back to January 29, 2013, when Mr Munoz exchanged contracts with Galnyamba Friday Creek Pty Ltd to sell the property for $2.56 million.
Galnyamba Pty Ltd later operated Friday Creek Retreat from the site - equipped with a restaurant and cottage accommodation.
Court notes show that despite taking possession of the property in March, 2013, the directors of Galnyamba Friday Creek failed to settle the contract price within the usual six week period.
Three deeds of variation were specified in the contract, and a new settlement date of September 30, 2014 was agreed upon.
But again, settlement did not take place and after Friday Creek Pty Ltd refused to vacate the site, Mr Munoz commenced legal proceedings for repossession of the property and damages.
A settlement deed was issued on May 8, and both parties agreed that July 2 was an essential date for completion of the contract.
It was agreed that if Galnyamba Friday Creek Pty Ltd was not able to complete the contract, then Mr Munoz was entitled to terminate the contract without notice.
The court notes show that although there was conflicting evidence of precisely what occurred on July 2, the contract was not completed.
The matter was heard for judgment in the Supreme Court of NSW the following day.
Justice Adamson said it appeared Galnyamba Friday Creek director Miriam Landolt made a last-minute attempt to have solicitors obtain an extension as she was not in a position to settle.
Justice Adamson ordered the contract to be terminated and gave judgment for Mr Munoz for immediate possession of the property, granted leave to the plaintiff to issue a writ of possession of the property, and ordered the defendant to pay legal costs.
Friday Creek Retreat will remain open under the transfer to Mr Munoz.