KEY POINTS:
As of yesterday, Leigh Johns has his investment property at 539A East Coast Rd in Browns Bay managed directly by Harcourts.
He and his wife put a $75,000 deposit on the $500,000 two-bedroom apartment in September 2006 and finally took ownership of the finished property in November.
However, they have not received a cent in rent and are owed $6000.
Mr Johns said as far as he was aware he had been dealing with Blue Chip. "All the letters we've had have all been Blue Chip. Nothing ever said anything about Bribanc until we suddenly got a letter - after all the phone calls saying, 'Where's our rent?' - in late December, saying, 'Oh, it's being dealt with through a subsidiary company called Bribanc'."
Then he received a letter on January 25, signed by Blue Chip founder Mark Bryers, saying management of the property had been handed to Harcourts.
After reading the Herald's coverage, Mr Johns phoned Blue Chip's 0800 number, terminated his lease with Bribanc, and signed with Harcourts.
The Johns are now receiving $430-a-week rent for the apartment, less Harcourts' fee. But they say Blue Chip had guaranteed $530 a week for four years, with an increase each year of 4 per cent.
Aside from the losses on rent, the Johns also fear for a $24,000 deposit they put down in August on another Blue Chip-related development in Albany.
The site is no more than a field of dandelions and the couple have received no interest payments.
Harcourts CEO Bryan Thompson said what returns could be achieved for investors depended on individual situations. "We're doing everything we can to do the right thing for every party concerned."
