Young “Tycoon” Forced To Move Back To Parents’ House
A year ago, 25-year-old Daniel Tzvetkoff seemed to have it all, a plush beachfront mansion with a Lamborghini parked out front, and enough assets to earn a place on BRW magazine’s Young Rich List. Times have certainly changed for the Internet entrepreneur, who is now living back with his parents.
A nasty split with business partner Salvatore “Sam” Sciacca, has seen the pair’s combined worth of $97 million significantly diminished, leaving company debts of $47.3 million and $3.8 million in unpaid taxes.
Last week, Tzvetkoff’s company BT Projects was placed under voluntary administration as forensic accountants attempted to find what money is left. After sorting through a mountain of inter-company loans between subsidiaries of BT Projects, it would seem that there is not much.
Tzvetkoff’s former partner Sciacca is now suing him for $90 million, claiming that Tvetkoff falsified company records to fund personal purchases that included an $21.7 million beachfront mansion; a $560,000 Lamborghini; a $62,000 advanced driving course; sponsorship of a V8 Supercar team; a $54,000 golf membership; and an $8,000 pet.
Tzvetkoff is understood to be denying the allegations.
All figures have been converted to USD using the current exchange rate of 0.776789.
[News]
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