Matt Rule out the front of the Annandale Hotel. Picture: Richard Dobson Source: The Daily Telegraph
ST GEORGE bank has foreclosed on the Annandale Hotel, in Sydney's inner west.
Receivers Ferrier Hodgson were appointed yesterday to take over the hotel which has been weighed down by a massive $3 million mortgage.
The owners, brothers Matt Rule and Daniel Rule are understood to have refinanced their loan in the past year, to increase their mortgage over the historic pub.
But with hotel prices in the doldrums the pair have struggled to keep their heads above water.
The hotel is understood to be worth about $2.5 million to $3 million.
Earlier this week there was a last-ditch attempt to save the hotel, with retired football player Eric Grothe Jnr and the Madden twins from Good Charlotte calling on locals to save the hotel.
The hotel was valued at more than $6 million last year when it was refinanced.
It has been up for sale for more than a year through agent Adam Spencer-Carr of Spencer Carr Properties.
Dan Rule told a specialist music website yesterday that? ?Ferrier Hodgson have come into the Annandale today and they want to keep live music at the hotel."
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