Court orders developer to pay millions to apartment buyer over illegal sunset clause move
A luxury property developer has been ordered by the Supreme Court to cough up more than $6 million to compensate an off-the-plan property buying client whose properties were illegally re-sold after they'd risen in value.
An off-the-plan buyer of two penthouses in Cavcorp's luxury apartment complex, Luminare, has had a huge legal win against the developer. (Image source: Cavcorp Luminare/Instagram)
A Queensland property developer who tried to renege on an off-the-plan property sale after the two penthouses in question had soared in value has lost a court case brought against him by the buyer.
Cav Gasworks, owned by developer Damien Cavalucci, had tried to invoke a sunset clause in the contract in 2023, long after it was signed by Brisbane businesswoman Yiping Jiang in 2017.
The state’s Supreme Court ordered the company to repay $6.1 milli…
