Roumered to be James Packer buying a little love nest as he prepares for a 3 Billion Casino development on the Gold Coast. Typical Packer trait too, buying at right time in market cycle. At last peak this was in the 50m AUD range ... www.goldcoastbulletin.com.au/realestate/exbillabong-boss-scott-perrins-gold-coast-mansion-sells-for-25m/news-story/1bfe76303b1a9326e486e58a8ac6d72a
Reminds me of what Kerry Packer reportedly did in 1987 to Allan Bond. Sold Channel 9 for 1 bill and then repurchased later for 250 mill.
I'm shocked your link is about the GC big max......I mean, I was hoping you to post about Adelaide or perth..
Wait there is more to Australia than GC? Jeez let me sit down first before I read something like that!
If you are a smart investor you will see now as being a time to buy. That's what we are all here for right? Buy cheap and sell high. I've seen many cycles on the Gold Coast. One of the easiest markets to make very big money due to cycle extremes.
Also one of the easiest ways to lose lots of money too This person just lost approx. 25M and this is not factoring anything else except difference in cost.
Yes one man's loss is another's gain. For anyone who knows how to value an asset and how to invest during cycles it's easy to make money. But if you don't have that love of skill the here's a very simply approach - buy on the Gold Coast when everyone is feeling most negative and sell when everyone is crazily positive. My view is we are around 7.30 on the "property clock". Perfect time to buy in now.
Hi Big Will I doubt they lost 25 Million. This is ridiculous media spin. I would be very surprised if there was anything that large on offer to them pre GFC. This is a very special property. It's my favourite house on the Gold Coast. It's like a resort. Very tasteful. Unless they were very keen for the funds to move on to other deals or to retire debt, only then might they regret not holding on another couple of years. We are not near the peak of the market for trophy homes like this. I think there's maybe two years left in the tank here. Their marketing bill would be horrendous. I've been seeing this house advertised for months and months on end for $29.5 Million in all newspapers and full page and double page glossy magazine inserts in the Financial Review and The Australian. Still, a very good buy. This is a trophy asset.
Aussie John's got his Point Piper mansion up for sale, expected to sell for around the $100m but not likely to be this year. Biggest transaction is probably $80m
Wow. Russian refugee huh? Wonder how he got his money. Big transaction for sure! (Although technically an amalgamation and not a single sale). Hard to see how he can be making money on that, but this may not be his primary motive