Iconic Sydney pub Jacksons on George placed into receivership

Jacksons on George, owned by veteran publican Chris Crawley, was placed in receivership on Tuesday by its lenders ANZ.

Mr Crawley last year attempted to sell the iconic drinking hole to wealthy investors by promoting it as a redevelopment opportunity in conjunction with the Rugby Club behind it.

The hotel on George Street at Circular Quay spent seven months on the market without attracting a buyer.

Mr Crawley has owned the hotel since 1989 when he bought it for $14.5 million.

Jacksons on George has been placed into receivership.

Mr Crawley's other hotels include The Belvedere Hotel in the CBD, and Cohibar and the Watershed Hotel, both in Darling Harbour.

The receivership is expected to include these hotels and bars as well.

The general manager of Jacksons on George, Damon Crawford, has not returned calls seeking comment. He was not at the hotel this morning.

Mr Crawley, 67,  closed his Jordons Seafood Restaurant at Darling Harbour in 2011.

Last year he sold Newtown's Marlborough Hotel and his five-bedroom Killara home.

His decision to sell off parts of his empire came as he fought over whether he should have to pay an $8 million legal bill after he lost a battle with his former life-long friend and business partner Warwick Short, the late father of publican Fraser Short.

PPB Advisory, the insolvency firm appointed to handle the receivership, confirmed it was appointed by ANZ on Tuesday.

Partner Marcus Ayres told The Telegraph that the four bars were now in the hands of receivers.

Mr Ayres said it was "purely coincidental" that the bank decided to foreclose just two days after 26-year-old Matthew Bell died at the hotel during a buck's party.

"We are trying to maintain the business as usual and get a handle (on the business)," Mr Ayres said.

"There are some valuable assets, including freehold (titles) to the Belvedere Hotel and Jacksons on George," he said.

He said the hotels would be put up for sale at some point in the future.

All bar and management staff are continuing in their roles, he said.