Multi-million bankruptcy

“Mini-Benko” charged: luxury lifestyle despite insolvency

Neugebauer has pleaded not guilty in the Vienna Regional Court.(Bild: Mario Urbantschitsch)

The parallels to record bankrupt René Benko are unmistakable: the former Viennese real estate mogul is also alleged to have obtained loans by fraudulently overvaluing properties. The WKStA is investigating. He is now in Landl because he is alleged to have continued to live in luxury despite being insolvent. He speaks of expenses for the real estate company.

Once driving an unaffordable Lamborghini and wearing a Rolex on his wrist, former Viennese real estate mogul Lukas Neugebauer now sits in the dock in Landl. He has kept a luxury belt from Hermes – probably a relic from better days. Because since October 23, 2024, the 33-year-old former head of the LNR Group has been bankrupt. Creditors have now filed claims totaling over €147 million, €80 million of which have been recognized by "Mini-Benko" – as he is nicknamed. "In bankruptcy proceedings, you are obliged to live a modest life," explains the representative of the WKStA.

Despite insolvency, the Maldives, Hermes, and party nights
And the Viennese real estate bankrupt is said to have done exactly the opposite. Between October 27 and Christmas 2024, he is said to have splurged a total of 145,000 euros from two foreign accounts – on trips to Dubai and the Maldives, on purchases at Hermes, Cartier, and Tiffany, and on wild nights in Vienna's trendy clubs. The corruption investigators are charging him with fraudulent bankruptcy: "He used the accounts to finance his luxurious lifestyle. The money should have been used to pay creditors."

Lukas Neugebauer naturally sees things very differently. He claims to still be employed by the LNR Group, which is based in the former Novomatic Forum. And he has a so-called management agreement with a loan of 350,000 euros. The real estate company, which is now run by his father and his former lawyer, would pay him monthly for consulting services, but part of the money would be retained immediately for loan repayment.

This goes far beyond what is necessary for a modest lifestyle.

Vertreterin der WKStA

Payments were mainly for business purposes
The two accounts into which the amounts were paid were only used as clearing accounts for the LNR Group. And the luxury vacations and jewelry purchases? "The stay in Dubai was not a private pleasure. It was a business trip, for example." For which he also bought a bracelet from Hermes as a gift for investors.

And so he tries to explain the incriminating payments point by point. A bill for several thousand euros in a trendy Viennese club was for the company Christmas party, online orders on Amazon were also for the office, and so on. Only a small portion was used for private pleasure.

Neugebauer pleads not guilty in the Vienna Regional Court.(Bild: Mario Urbantschitsch)

Krida charges just the tip of the iceberg?
Whether the jury believes him will be decided on the second day of the trial. However, this will not be the end of the court appearances for the "Mini-Benko." The Viennese businessman bears this name particularly because of the many parallels: similar to the record bankrupt, Neugebauer is accused of fraudulently obtaining loans from banks by booking real estate, some of it prestigious projects, at far too high a price. However, the WKStA is still investigating – the damage is said to amount to more than 140 million euros. Of course, the presumption of innocence applies.