$30MILLION win turns into a nightmare: How a part-time cinema worker lost ALL of his fortune after claiming one of Australia’s biggest ever Lotto prizes
- Perth man Sherif Girgis, 23, had won $30 million on the lottery back in 2007
- He quickly turned to real estate agent Russell Poliwka for advice on investments
- Mr Girgis bought numerous properties and a catamaran that returned no money
- He spent more than $1 million renovating a pub but lost money over three years
A man who won $30million on the lotto took the advice of a trusted real estate agent before he lost his fortune over a series of bad investments.
Sherif Girgis, 23, was working part time at a cinema in Perth when he scored the biggest lotto win in Western Australian history in 2007.
The win was a dream come true that quickly spiralled into a nightmare.
Mr Girgis made a series of investments under the guidance of real estate agent and City of Joondalup deputy mayor Russell Poliwka, The West Australian reported.
Sherif Girgis, 23, was working part time at a cinema in Perth when he scored the biggest lotto win in Western Australian history in 2007
Mr Girgis made a series of investments under the guidance of real estate agent and City of Joondalup deputy mayor Russell Poliwka
He bought a pub, luxury charter boat, a nightclub and a block of land with waterfront views.
Though his ventures began to lose money.
Mr Girgis claimed he spent $1.335 million to renovate the pub now called the Grand Central Hotel in Midland.
The venue lost more than $1million over a three-year period.
He bought the West Coast Drive superblock and a nightclub once called Crush for $2.65 million.
Though the bundle was said to have been overpriced.
He also bought an 80ft luxury catamaran for $880,000 though the investment made no money.
Then in a 2012 meeting at the Melbourne Grand Prix, Mr Girgis told Mr Poliwka he had only $5million.
Shortly afterwards, he cut off cash flow to his numerous businesses.
Then in 2014 he launched legal action and demanded $3,441,815.50.
Fast forward to this year, Mr Girgis was partly successful in his legal bid.
The Supreme Court ruled Mr Poliwka to pay more than $2million.
‘Mr Poliwka operated as a sounding board for Mr Girgis and was involved in decision making for Mr Girgis,’ Justice John Vaughan said.
‘(He) looked to Mr Poliwka for advice and deferred to and acted on Mr Poliwka’s representations and advice.
‘Reasonable reliance on Mr Poliwka’s misleading or deceptive representation, and on Mr Poliwka’s negligent advice, has been established.’
Mr Girgis for his part was told he owed Mr Poliwka $50,000.
Mr Girgis claimed he spent $1.335 million to renovate the pub now called the Grand Central Hotel in Midland
Mr Girgis bought an 80ft luxury catamaran for $880,000 though the investment made no money