Embattled Televest Ltd. director Mr. Richard Burns' luxury Warwick home is up for sale for $1.5 million, it was learned yesterday.

The property is on the market as Mr. Burns seeks to repay money owed to the liquidators of the now defunct investment company of which he was a director along with his self-made millionaire brother Thomas and Mr. Christopher Donnachie, his lawyer Mr. Julian Hall confirmed.

Mr. Hall said there were no plans to put Mr. Burns' gym the Athletic Club on the market.

A local real estate agent co-broking the sale, said the home, which recently underwent a 645-square-foot addition, was on the market for $1.5 million.

Argyll, on Middle Road, was part of "certain assets'' on the market so Mr.

Burns could "make good on his promises'', Mr. Hall said.

"It's a voluntary decision, if the price is not met he will not sell,'' Mr.

Hall stressed. "He was not required to (sell) -- after all no action has been taken against him. His position is that he owes money only to Televest.'' Mr. Hall added he believed the real problem in the Televest winding up order was that money that should go to the ordinary investors who risked putting money in the company may end up going to the bankrupt UK group that started the whole liquidation "chain reaction''.

The British company had sought last year to recover amounts owed to it by the Televest-related companies CTRAK Ltd., and TBL Ltd.

Televest and four related companies were placed in provisional liquidation last December by a court order.

Mr. Hall had unsuccessfully opposed the order alleging a local conspiracy to destroy the Televest companies.

Liquidators Mr. Charles Kempe and Mr. Gil Tucker could not be reached for comment yesterday on the status of creditor and investor repayments.

During Supreme Court hearings on the winding up, a spokesman for Televest ordinary shareholders had said he represented more than 175 investors who were owed more than $2.5 million. More than 500 preferred shareholders are reportedly owed $8.3 million.

Some investors sank their life savings into Televest, including an American widow who invested some $40,000.

A Finance Ministry document showed Government was looking at ways to regulate Televest months before the provisional liquidation was ordered. But no action was taken.

Televest had offered investors annual attractive returns of seven to nine percent on purchases of preferred shares. It was owned by Telecheck Holdings Ltd, which in turn operated the Signature and Travel credit cards and a cheque authorisation service to merchants.