Gold Coast Bulletin By Keith Woods
A Gold Coast property guru who claims to have helped thousands of people to become millionaires has vowed to rebuild his former empire after settling a long-running legal battle with the ABC.
Property Club founds Kevin Young accused the national broadcaster of defamation over allegations in a 2014 story, which was critical of his business.
The case was set to be heard by the Federal Court in October, but now will not go ahead after Mr Young accepted a $400,000 payout from the ABC to settle the matter.
The 75-year-old said that he now wanted to rebuild a business that once provided work to more than 100 people, but had shrunk to employing just four.
"We employed 70 across Australia and in head office, there was about 40. All good people," he said.
And I went down to four. Now I've got give," Mr Young said. " ... It totally smashed my business, but we're fighting back now."
Mr Young said the stress of his business collapsing had also contributed to the breakdown of his relationship with his wife. "The biggest impact was personally, in the relationship with my wife, the financial stress we were put under," he said.
“It caused a divorce.”
The Labrador resident now hopes to build the business back up to its previous heights. He is also dipping his toes into politics, saying that he is working to establish an Owners and Renters Party to fight to improve the prospects of investors and tenants.
“ I’m selling my properties to find the expansion of the club back again,” he said.
“It's to fund two things, the first is expansion of the club back again “The other is I want to help get interest-only loans ack in, and I think the Owners a Renter's Party is the best way to do that.
: There are so many things to change. This renters party is long overdue.”
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