F45 founder Adam Gilchrist has put a third home, in the exclusive Byron Bay enclave of Wategos Beach, for sale for between $10 million and $11 million
The founder of the global fitness empire F45, Adam Gilchrist, has marketed his Byron Bay boarding house for between $10 million and $11 million — the third property of his to hit the market in weeks.
Gilchrist has kept a low profile since he retired from the Mark Wahlberg-backed fitness empire after he left the company and the stock price fell more than 60 percent.
Gilchrist’s Byron Bay home – on exclusive Wategos Beach – is behind his $18.85 million trophy home ‘Wategos House’ which Mr Gilchrist bought in 2019 and broke local ownership records.
Listed between $10 million and $11 million, the three-bedroom house has two fronts and was purchased for $5.1 million in 2020 through a company that also represented the Australian business interests of Mr Gilchrist and F45.
Both homes of Mr. Gilchrist’s Freshwater Beach have been sold before the auction dates.
The Wategos Beach guest house (upstairs) has three bedrooms and two frontages just a short walk from the sand in one of Australia’s most exclusive oceanfront enclaves
Mr. Gilchrist sold his Freshwater beach house (right) for $14 million shortly after F45 suffered a stock market massacre and he walked away with a $10 million payout, then the neighboring bungalow (left) a few weeks ago for more than $8 million
Mr. Gilchrist walked away from F45 with a $10 million golden handshake amid the cult-like celebrity gym’s near collapse in a stock market massacre in July.
Nothing more has been heard from him since then.
Even his former closest business partner – his co-founder Rob Deutsch – admitted in August that he didn’t know where Adam Gilchrist was, telling Daily Mail Australia that he hadn’t spoken to him “in two to three years”.
“I’m told he’s… changed numbers and so on, so it can be hard to get hold of these these days,” said Mr. German.
F45’s financial troubles have been linked to a potential flow of funds into the US through the solicitation of celebrities and sports stars for multi-million dollar support.
Mr. Gilchrist’s payout would include 12 months of rent for his Florida mansion and 18 months of health insurance for his family.
There is no suggestion that Mr. Gilchrist has anything to hide in connection with F45.
F45 co-founder Rob Deutsch (above with his wife, model Nicole Person) said he hadn’t seen Adam Gilchrist in two to three years
Famous ambassadors such as football star David Beckham (above) were paid in millions in cash or stock to boost the branch but may have stripped the company of financial backing
Mr Deutsch left the company two and a half years ago with a $2.5 million transaction bonus after building a formidable real estate empire worth more than $20 million, including a family home on the beach in Bronte that was the last to be sold. year for $17.7 million.
The two men, who are longtime rugby buddies, teamed up to create F45 out of the Rollex gym in Sydney’s White City, which Mr Deutsch had set up in 2012 with a $100,000 redundancy check from his previous life as a stock trader.
The pair rebranded Rollex as F45 and established the gyms franchise model that kicked off what would become a fitness business.
As Daily Mail Australia exclusively revealed earlier this year, Gilchrist (not to be confused with the cricketer of the same name) was officially bankrupt when he launched the cult gym.
But Mr. Gilchrist steadily gained ownership and enjoyed a lavish lifestyle as F45 became an international success.
He bumped into celebrities and made $500 million overnight when actor Mark Wahlberg invested $450 million in F45.
The gym floated on the New York Stock Exchange last July in a $1.6 billion stock market debut, with its share price rising to $17.28.
Adam Gilchrist, 44, Quits Social Media Since He Walked Away From F45 With A $10 Million Golden Handshake And Is Hard To Find According To His Co-Founder
The view from Wategos House, the trophy mansion that Adam Gilchrist bought in 2019 for $18.85 million and broke real estate records
Mark Wahlberg recruited David Beckham as a global ambassador in 2021 for $5 million dollars, with a similar amount ($7.2 million) in a cash payment to the football star in July this year, on the first anniversary of the IPO.
Basketball legend Magic Johnson received a cash payment of $4 million, golfer Greg Norman was another recruit of sports celebrities, and supermodel Cindy Crawford received $5 million in stock.
Other high-profile celebrities paid in cash or stock included actor Mario Lopez, singer J Balvin and DJ Steve Aoki.
But these celebrity deals deployed to “boost its now-abandoned global expansion plans” were potentially money-grubbing exercises leading to the July 26 market update that said F45 had “lost the funding underlying its franchise sales.” , Nine newspapers reported.
Now, in lieu of expansion, F45 plans to cut its workforce and lower its profit and revenue forecasts for fiscal year 2022-2023.
In Australia, staff has already been cut, with up to 110 employees of companies who lost their jobs after the stock market crash and further austerity measures were suggested.
Mr Gilchrist was declared bankrupt in April 2011, living at the time in a relatively shabby unit in Sydney’s eastern suburbs, albeit overlooking Elizabeth Bay, with a small kitchen and bathroom.
There is no suggestion that Mr. Gilchrist violated the terms of his bankruptcy by forming the company.
By mid-2021, F45 had 1,555 studios and 2,801 franchises in 63 countries, with the goal of eventually having 23,000 studios worldwide.
The company’s cult following was based on the 45-minute group workouts that combined resistance, metabolic and cardio moves in a fun and accessible environment.
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