Friendly wager lands Stewart $250,000

Errol Stewart
Errol Stewart

A FRIENDLY wager between two of Tasmania's wealthiest men and developers over whether the Gunns pulp mill would get up, saw Errol Stewart walk away with a tidy $250,000.

But Mr Stewart said the man who paid him out, Josef Chromy, probably had the last laugh.

The entrepreneur spoke to The Examiner this week about his life and latest project, the Silos Hotel.

Mr Stewart said the men were partners in the $20 million Peppers York Cove resort and marina, built in 2007.

``When he sold me his share of York Cove, we had a deal that if the Gunns mill went ahead I’d give him $250,000 and if it didn’t go ahead, he’d give me $250,000,’’ Mr Stewart said.

``So it was a decent wager, so a $500,000 net difference.

``And we had a two year time limit and it went, and he paid.

``He just sent us a cheque.                                                            

``No questions asked.’’

Josef Chromy

Josef Chromy

Mr Stewart said he reinvested the money back into York Cove.

``I just kept pouring it in down there – in hindsight it wasn’t a very smart decision, he was smarter than me for sure,’’ he said.

``We didn’t know that the mill was going to fall upside down until fairly late.’’

Gunns collapsed in September 2012.

Discussions with two potential buyers of the former company's pulp mill permit, are understood to resume this month.