Two brothers who rode the wave of the Pilbara property boom to become multimillionaires are facing a potential financial headache, with a bank foreclosing on part of their property portfolio after they allegedly failed to pay their mortgages.

Ryan and Morgan Crawford claimed to have made millions of dollars from investments in Pilbara towns when property and rent prices reached astronomical levels during the mining boom.

But in a spectacular example of the Pilbara property crash, part of the Crawford property empire has been sold for a fraction of the buying price, according to Landgate records, with documents filed in the Supreme Court last week revealing the proceeds fell well short of what was owed.

The ANZ Bank wants to repossess one property owned by Ryan Crawford, and has demanded the balance of the outstanding debt, plus interest and costs.

In total, the brothers and former colleague Mark Pages-Oliver borrowed more than $5.5 million from ANZ in four years.

Ryan Crawford, who described himself on social media as “an active entrepreneur” who rose “to the rank’s of the State’s 1 per cent” of personal property investors, at one time claimed to have a portfolio valued at $35 million.

Camera Icon This property at Beacon Close in South Hedland is still owned by Ryan Crawford. Credit: REIWA

Morgan Crawford, was “one of Australia’s top property investors and small developers”, according to his LinkedIn account, and claimed to have owned a property portfolio valued at more than $7 million before his 21st birthday.

Court documents allege the borrowed money was used to buy properties in Port Hedland, South Hedland, Karratha, Roebourne and Newman between 2009 and 2013.

Those sort of market environments, such as the Pilbara, and the towns within it, they are not really for the faint hearted.

At the height of the Pilbara property peak in 2012, rental prices in Port Hedland were nearing $2600 a week on average, while the median house price was upwards of $1.2 million, according to Pilbara Development Commission figures.

Property prices in Karratha and Port Hedland have fallen dramatically over the past five years, with Landgate records showing the Crawfords have sold property for hundreds of thousands of dollars less than the buying price.

Camera Icon Ryan Crawford described himself on social media as “an active entrepreneur.” Credit: WA News

As guarantors for Niche Residential Pty Ltd, ANZ claimed the brothers took out a $560,000 loan in 2012, which was used to buy an $800,000 three-bedroom, one-bathroom property in South Hedland.

Landgate records show that property was sold in September last year for $79,000, with the bank allegedly collecting just $49,600 at settlement.

ANZ claimed in 2013, Morgan Crawford borrowed $920,000 for a $1.25 million three-bedroom, one-bathroom house, again in South Hedland, which sold for $205,000 last year.

The bank received $149,400 at settlement, the document alleges, and that he “did not repay the balance of the debt outstanding”.

Mr Pages-Oliver and Ryan Crawford borrowed $744,000 for a three-bedroom, two-bathroom luxury apartment in Karratha’s Pelago building for $994,900 in 2011 and sold it for $400,000 in January.

Camera Icon Morgan Crawford and his brother Ryan have been victims of the Pilbara property crash. Credit: Facebook

ANZ collected $373,995 from the sale, which allegedly did not cover the balance of the outstanding debt.

The legal documents were filed almost a year after parts of Ryan Crawford’s Crawford Property Group, of which he is a director, collapsed.

Morgan Crawford was once quoted in the press saying he was “often asked if I’m worried about the debt that’s in my name, and whether I could sustain my financial obligations if something goes wrong. I’d be lying if I said I didn’t consider this, I think about the risks before and after every purchase,” he said.

Real Estate Institute of WA president Hayden Groves said the men may have “suffered the same as mum and dad investors” in the region.

“Those sort of market environments, such as the Pilbara, and the towns within it, they are not really for the faint hearted,” he said.

“Investors are attracted to quick returns in any environment ... but any immediate and high-return strategy comes with more risk.

“Unfortunately many investors were caught up in the desirability of having a quick and high return, and sadly many did not get out in time and suffered significant losses as a result.”

Efforts to contact Ryan and Morgan Crawford and Mr Pages-Oliver, who is believed to be living overseas, were unsuccessful.