Perth developer hit with lawsuits to repossess beachfront mansions

Self-professed Perth property tycoon Ricky Dean Hirsch may lose his premium beachfront mansions after being hit with two lawsuits over claims he is liable for more than $5 million in unpaid loans.

According to a writ lodged in the WA Supreme Court, Sydney-based Prime Capital Securities claims it inked two loan agreements with Hirsch’s now-defunct company FTD Construction in July 2021 — also known as Fulfil The Dream.

Under the deal, Prime Capital claims it advanced more than $4 million for two properties at 42 West Coast Drive, Marmion.

But not even 12 months later, FTD was allegedly already in default.

Prime Capital claims it hit FTD with two written demands on February 28, 2023, in which it claimed the company was in breach of its loan deal and sought more than $414,000 in accrued repayments.

The firm alleged Hirsch was also notified of the demand because he had penned a guarantee, and was told to vacate the property if the default couldn’t be rectified.

But the debt allegedly continued to snowball.

In November, FTD was served with a written notice demanding the repayment of $5 million, being the initial advance, interest and other fees.

Prime Capital claimed the written notices had fallen on deaf ears and called on the Supreme Court to intervene by slapping Hirsch with an order to deliver up the properties.