Wensley Developments took a case to the Employment Relations Authority to get back from Mr Boulgaris the money it said it was owed.
The authority was told Mr Boulgaris was paid $535,000 in commission in advance when he started selling property for Wensley in March 2004.
His contract specified he would be paid $50,000 a month for the first three months of his employment, followed by $35,000 a month for the contract term, which ended in December 2005.
Mr Boulgaris resigned in March 2005, having actually earned $340,000 of the total amount paid out to him.
After an exchange of letters arguing about the amount owing and how it could be paid, Wensley director Ross Wensley told Mr Boulgaris' lawyer the adjusted total owing to the company was $163,635.
Mr Boulgaris said nothing was owing because "of the wrong projections given to [him] to induce his employment".
The authority found the projections were only ever forecasts and "Mr Boulgaris appreciated that".
"Mr Boulgaris was aware that he was being paid more than he was earning," said presiding authority member Leon Robinson.
He ordered Mr Boulgaris to pay the full $163,635 owing, plus 6% interest accrued between August last year and the date the debt is settled.
