Warning on investor's land splurge

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Real estate firm Harcourts has warned its agents about a businessman who has gone on an apparent spending splurge in an attempt to buy Canterbury property worth millions of dollars.

Monday, January 24th 2005, 1:43AM 2 Comments

by The Landlord

John Gray, who with his father, Ian, has been linked to a string of dubious schemes over the past decade, has been keeping land agents busy since he returned from the United States late last year.

In an email obtained by The Press, Harcourts, the largest real estate firm in the South Island, has warned all its staff that Gray has been writing contracts on several properties.

"If you have already signed up a contract with this gentleman, please ensure your vendors do not act on another property purchase until this sale is settled," says the email, sent by Harcourts business development manager Jim Davis.

Gray is operating under the names of Captain John Gray, John Gray or Daniel Parrett, says the email.

A concerned real estate agent, who released the email to The Press on condition of anonymity, said several meetings had been held with Harcourts agents to warn them about dealing with Gray. At the most recent of those meetings, on Tuesday, agents were told Gray had been involved in writing up $33 million worth of sales that had not been finalised.

The Press has been covering the activities of Gray and his father, who died in 2001, for several years after growing concerns that a variety of schemes had cost Christchurch investors their homes, their businesses and significant sums of money.

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