Kings Cross identity Mim Salvato faces bankruptcy following moves by the Commonwealth Bank

Posted by Delta Gatti on Monday, May 20, 2024

THE former part-owner of the Kings Cross nightclub the Piano Room and the Trademark Hotel who is facing bankruptcy proceedings has offered The Telegraph "a better story" if it agrees to not write about his financial woes.

Mim Salvato told The Telegraph he could give "a better story" about someone else, in return for keeping quiet.

The Telegraph declined Mr Salvato's offer.

The Commonwealth Bank has applied to the Federal Magistrates Court to bankrupt Mim Salvato over a debt of $1.6 million secured against his Vaucluse mansion and a luxury Range Rover.

Mr Salvato, 43, lost the lawsuit in the Supreme Court.

Mr Salvato has run nightclubs in Surry Hills and Kings Cross for more than a decade and is well known on the social circuit.

He is a former owner of the nightclub Dragonfly, now known as The Tunnel together with David Auld, and the nightclub NV, now known as Nevermind, on Oxford St.

His many friends include the licensee of luxury Kings Cross venue 21, Poata Okeroa and radio DJ Kyle Sandilands and Kings Cross identity John Ibrahim.

The bank has had trouble tracking Mr Salvato down to serve him with bankruptcy papers at his home on Hopetoun Avenue Valcuse, which he shares with his model wife.

In a statement of claim lodged with the Supreme Court, the bank claimed Mr Salvato failed to make repayments on a $1.3 million "better business loan" mortgage he took out in May 2006.

Mr Salvato took out the mortgage to refinance an existing loan he had with Royal Guardian Finance, the court documents said.

He also allegedly breached terms of a "business line of credit" account with the bank when he blew-out his $200,000 limit, the claim said.

The bank cancelled a lease on Mr Salvato's 2003 Range Rover HSE after he allegedly missed two lease payments.

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