- Three properties linked to property flipper Ashley Dean Binnie are listed as mortgagee sales.
- The sales follow the liquidation of Binnie's companies, which owed over $2 million to creditors.
- The properties include two ex-state houses in Palmerston North and a renovated cottage in Mangakino.
Three properties linked to high-profile property flipper and social media influencer Ashley Dean Binnie have been listed as mortgagee sales.
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The forced sales follow the liquidation of two of Binnie’s companies, which together owed more than $2 million to creditors.
The properties include two ex-state houses in Palmerston North and a renovated cottage in Mangakino.
Binnie is well known in investor circles for his YouTube channel, AshleyDean. His videos offer tips to property newbies and often highlight how much profit he's made from flipping homes.
Neighbouring state houses at 35 and 37 Stephens Crescent, in Palmerston North, are heading to auction. Photo / Supplied
The properties, which can be bought separately or together, are marketed as an "abandoned project". Photo / Supplied
Popular videos include "How to Flip Houses with Absolutely No Money", "I Flipped The Most Rundown House in Masterton" and "How I use AI to create $60k property deals in 10 minutes every day".
Binnie’s company, Ascend Advisory Limited — previously known as AshleyDean Limited — was placed into liquidation last month after the liquidator’s initial report found it could not meet its debt obligations.
At the time of liquidation, the company had three properties registered to it, which liquidator Digby Noyce, of RES Corporate Recovery & Insolvency, confirmed were the same three now being sold by the mortgagees.
Binnie's company bought the two Palmerston North homes from the Government in September last year for $480,000 - below the combined RV of $620,000. The listing for 35 and 37 Stephens Crescent, in Highbury, calls on DIYers and developers to take on the "abandoned project".
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The three-bedroom homes sit on a combined site of just over 1000sqm. Listing photos show the interiors have been stripped back to the frames and that the gardens are overgrown with weeds. The properties, which head to auction on June 4, can be bought separately or together.
The Mangakino home is in better condition and boasts a fully refurbished interior.
Binnie's company shelled out $175,000 for the four-bedroom 1950s property at 54 Huamai Street in September 2021.
He has listed it several times since early 2022. It was most recently inviting buyer enquiry over $450,000 before it was pulled earlier this month. The property had a book value of $557,956, according to the liquidator's first report.
A renovated property on Huamai Street, in Mangakino, is also up for grabs. Photo / Supplied
Binnie's company bought the property in 2021 and the property has been on and off the market since early 2022. Photo / Supplied
All three listing agents involved in the mortgagee sales declined to comment.
According to the liquidator's report, Ascend Advisory owes the Inland Revenue Department $392,982, secured creditors $856,575 and unsecured creditors $559,895.
Binnie’s second company, Atlas Holdings, described as a holding company operation with a passive income in subsidiaries, collapsed less than two weeks after Ascend Advisory was placed in liquidation.
The liquidator’s first report for Atlas Holdings shows it owes the IRD $116,357, secured creditors $56,530 and unsecured creditors $257,124. The company did have some funds in its accounts available to repay some creditors.
Ascend Advisory was involved in property transactions, property coaching, and made money from online property courses, including one in which customers were charged $499 for a subscription that promised to show one property flip a month.
Some of Binnie’s products include the Property Deal Network and his YouTube channel AshleyDean.
In a video posted just six months ago, Binnie declares that his income soared since he began flipping properties and that he has helped dozens of nine-to-five workers with no money get to a place where they could quit their jobs. In another video, he describes Kenyon Clarke, of the failed Du Val Group, as a "dear friend".
Binnie did not respond to OneRoof's request for comment.
- 35-37 Stephens Crescent, in Highbury, Palmerston North, go to auction on June 4; 54 Huamai Street, Mangakino, Taupō, is for sale, deadline closing June 17
