Apartments project fails

Some of Australia's best-known celebrities could lose hundreds of thousands of dollars after the collapse of plans for a $123 million apartment development.

Administrators were yesterday appointed to recover deposits totalling $5.3 million for up to 100 unsecured creditors in former high-flying property developer Gavin Muir's failed project in Port Melbourne.

Documents seen by the Herald Sun list Channel 9 morning show host Kerri-Anne Kennerley, football legend Ron Barassi and media celebrity Sam Kekovich as having paid deposits of tens of thousands of dollars each for the exclusive off-the-plan apartments.

Apartments, which were to have been built on the site in Bay St, were being sold for up to $800,000.

Joint administrators Nicholas Martin and Ian Carson of PPB will investigate Bay Street Corporation. 'We understand a number of creditors are keen to see this matter resolved quickly,' Mr Martin said in a statement yesterday.

'PPB is eager to work through the issues with a view to determining the future of the company.'

It is believed the vacant land in Bay St was sold to First State Developments for up to $20 million before the appointment of PPB.

It is believed the Bank of Scotland was a secured creditor and has"