The property empire of Gold Coast tycoon Jim Raptis has collapsed for the second time in less than two decades, owing creditors as much as $1bn.

Administrators were appointed to the Raptis Group yesterday, bringing to an end a five-month battle to keep the debt-laden company afloat.

The collapse of the Raptis Group -- one of the biggest property developers on the Gold Coast -- follows the 1993 meltdown of the company following the last property slump, in which Raptis investors lost more than $65 million.

In August last year, two weeks before shares in the company were indefinitely suspended from trading, the Raptis Group reported it had $912.5min debt, with equity of just $9.8m.

The Australian