'Homeless' Groves lists debts of $21.6m

EDDY GROVES once owned property across three continents, but now the bankrupt childcare giant claims he is homeless - although he expects to find a permanent address "in the next two weeks".

EDDY GROVES once owned property across three continents, but now the bankrupt childcare giant claims he is homeless - although he expects to find a permanent address "in the next two weeks".

In a statement of his financial affairs provided to Insolvency and Trustee Service Australia, the former ABC Learning chief executive lists debts of $21.6 million.

The fallen multimillionaire claims to have no cash, no vehicles, no land and just $38.79 in the bank, held in two accounts at NAB's Robina branch, in the Gold Coast hinterland.

Long gone are a $2.5 million Nevada property, a $106,250 share of an investment unit in the Canadian ski resort Whistler and an $855,000 house in Chantilly, north of Paris.

Also gone are four Harley Davidsons, sold to Brisbane's Heavy Duty Motorcycles for $77,500, a 2005 Mercedes SL6, sold to his wife Viryan Collins Rubie for $220,000 in 2010, and a Honda CRV, sold through carsales.com.au in 2011 for $12,000.

But the statement reveals he still holds life insurance and trauma policies worth $18 million issued by an ANZ subsidiary, OnePath, while his self-managed Butterfly superannuation fund holds $213,916 - although he has not made a contribution for five years.

There is also $10,000 worth of sporting memorabilia, but it is in the possession of his ex-wife Le Neve, who was a co-founder of the ABC Learning childcare business.

He gives as his last address a beachfront property in the Gold Coast, which property records show is owned by his current wife.

The statement, filed on Monday, shows that less than a year after the spectacular collapse of the ABC Learning group in 2008, Westpac lent Mr Groves at least $5 million, including an unspecified sum for a Cessna Citation jet.

Mr Groves owes his family and friends more than $1.5 million.

He also claims to owe Iconic Properties, a company of which he was a director until late 2009, $8.7 million.

Mr Groves was bankrupted by the Commonwealth Bank a fortnight ago over a $7.9 million loan used to buy the Adelaide Dome, now known as the Adelaide Arena, in 2008.

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