Gold Coast property developer Phil Sullivan and a former colleague have been fined $65 million by the Federal Court for corporate law breaches.

The action was launched by investors in the City Pacific First Mortgage Fund, which lent millions of dollars to property developers mainly on the Gold Coast.

Around 11,000 investors lost money in the fund. Law firm Maurice Blackburn, which ran the class action, said many of them were elderly retirees who were reliant on the investments for their retirement income.

But investors are unlikely to see any of the proceeds from the class action because Mr Sullivan told the ABC he does not have the money, even though he lives in a mansion on the Gold Coast.

"No, not at all, there is no insurance," Mr Sullivan said.

The court found several former executives, including Mr Sullivan, had breached the Corporations Act.

Mr Sullivan told the ABC he did not think he had done anything wrong.

"Not at all, not at all. I am very very proud of what I've achieved," Mr Sullivan said.

Two management groups, Trilogy and Balmain, took control of the troubled fund, once worth close to $1 billion.

Mr Sullivan, one of four original directors, blamed the banks for the fund's problems.

"It all went wrong when the CBA jumped in and decided to call their $240 million in in a matter of 92 days, we just couldn't manage it and ... that was the beginning of the end," Mr Sullivan said.

But in the judgement, Federal Court Justice Michael Wigney was scathing about Mr Sullivan.

"This is a tale of a rapacious Gold Coast property developer with grandiose plans," the judgement said.

"He was a man prepared to lie about his involvement in key events so as to extricate himself from blame or responsibility."

The corporate regulator questioned Mr Sullivan but took no further action.

ASIC would not comment on the case.