John McGrath mentions & # 39; Mr. Real Estate & # 39; his last real estate – but pays a RIVAL company to sell it
Property magnate John McGrath has sold his luxury apartment in Sydney Harbor through a rival agency in an apparently nonsense of the property he has established.
The man who once & # 39; Mr. Real Estate & # 39; , the split-level harborside penthouse at The Pier, Walsh Bay – reportedly the last owned by him – sold for an estimated $ 8.5 million, but did not use his own agents to sell it.
The boutique company Living Living from Tasman and Lisa Fallshaw made the sale instead.
Stunning views from Mr. McGrath's harbor apartment, purchased for $ 6.95 million through McGrath's Edgecliff agency in 2011. The apartment was sold by Tasman Fallshaw at boutique store City Living for an estimated $ 8.5 million
The three-bedroom apartment has stunning views of the Harbor Bridge, four bathrooms and a private 18.5-meter berth in a secure building with a 24-hour concierge, a gym, and a spa. Allegedly this was the last remaining property of Mr. McGrath
A McGrath Limited spokeswoman told Daily Mail Australia on Monday that City Living had approached Mr. McGrath with a buyer who wanted to make a quick purchase.
& # 39; Richard Shalhoub of McGrath Millers Point advised John to accept the offer, & # 39; she said.
The three-bedroom apartment, with stunning views of the Harbor Bridge, had four bathrooms and its own 18.5-meter berth in a secure building with a 24-hour concierge, a gym, a swimming pool, a spa, and a sauna.
The McGrath Executive Director purchased the luxury apartment through McGrath's Edgecliff office for $ 6.95 million in 2011.
Mr. McGrath said he had chosen to sell his unit so that he could move to a house where he could own dogs.
& # 39; The body simply does not allow pets, & # 39; he said in an e-mail message.
& # 39; I am now actively looking for the right place for my next step. & # 39;
McGrath director John McGrath founded the property company of the same name more than 30 years ago, but did not use it to sell his own real estate
Daily Mail Australia contacted Mr. Fallshaw on Monday, but he could not discuss the sale of the apartment due to a confidentiality agreement.
Mr. Shalhoub did not respond to a call on Monday.
Domain reported that Mr. McGrath, who founded his eponymous company more than 30 years ago, still held a 26 percent stake in the real estate business from January last year.
As executive director, he earns $ 550,000 a year, the Sydney Morning Herald reported.
The McGrath share price has fallen by nearly 90 percent since the initial listing at $ 2.10 per share in 2015 and was traded on 21.5c on the Australian Securities Exchange (ASX) on Monday morning.
Sales decreased by 17 percent in the 2018-19 financial year to $ 82.7 million, from $ 99.1 million in the previous year, with the company telling the ASX that difficult market conditions were due to lower sales volumes and low prices in Sydney , Melbourne and Brisbane.
The company chairman, Peter Lewis and CEO Geoff Lucas, thanked the shareholders, including Mr. McGrath, for their loyalty during a difficult financial year in their joint letter published last month in the company's annual report.
& # 39; Our founder, John McGrath, continues to provide much needed inspiration and stability at this time & # 39 ;, they wrote.
Mr McGrath, a fan of horse racing, has recently had success with his horse Dreamforce, which he owns through the Joy Luck syndicate.
The bay gelding has 11 wins from 27 starts for prize money of $ 1,540,835, according to Racenet and is one of the favorites for the upcoming $ 1 million Epsom Handicap.
Jockey Blaike McDougall drives Dreamforce to victory in 2017. The bay gelding has won more than $ 1.5 million for its owners, the Joy Luck syndicate, including John McGrath
The syndicate also owns Cuba, a dark brown gelding that won on Saturday in Randwick.
Mr. McGrath's love of fluttering has caused controversy in the past.
In. The Sydney Morning Herald reported that McGrath had substantial gambling debts to William Hill Australia, run by Tom Waterhouse.
A wide media commentary followed, and McGrath's shares were discontinued pending clarification.
Mr. McGrath made an announcement in response to mentioning the press coverage & # 39; ridiculous & # 39 ;.
& # 39; Like many Australians, I enjoy a point & # 39 ;, he wrote in the ASX announcement of February 15, 2018.
& # 39; I have a credit account with a bookmaker for this. That account is not secured by, or otherwise associated with, my shares in the company.
& # 39; The account is well within my capabilities in terms of my net assets. I fully agree with the terms of that account. & # 39;
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