The sale of Mosman is a test case for the first class market, considering it was bought during the real estate market boom and sold amid rising interest rates and falling prices.
Liquidator Andrew Blundell, of Cathrow & The partners told a recipient meeting this week that the two luxury properties were purchased at the peak of the market, and “realizable value may be less than what was paid for them.”
The corporate regulator ASIC is conducting an investigation into the circumstances of the company’s collapse, and whether there has been a case against Mr Fairfull for insolvent trading. The organizer confirmed that the investigation is still ongoing.
The investigation will investigate the allegation that the bankruptcy resulted from a $7.7 million business loan that Mr. Fairfull used to expand his personal property portfolio with the purchase of Kangaroo Valley.
In 2020, the company, which Mr. Fairfull co-founded in 2015 along with Johnson Lin, raised $20m in a fourth funding round led by Cygnet Capital, followed by Regal Funds Management at a time when Mr. Fairfull was touting the potential of the unicorn tech. As an Australian export success story.
Now, former Metigy employees are using a legislative safety net, the Fair Benefits Guarantee Scheme, to recover unfulfilled employment benefits.
Mr. Fairfull is not the same as the head of the accounting firm Hall Chadwick, who shares the same name.
Double Bay in Pink list, $45 million
Meanwhile, Double Bay has welcomed a new opening on its waterfront tightly, with the $45 million listing of the late orthopedic surgeon Basil Ireland and wife Ernestine’s Castra Place home.
If this ambitious price is achieved, the property would far beat the residential home price record for the sought-after harbor suburb – currently held by $38 million Gladswood Gardens, the waterfront home of Malaysian-born tourism billionaire Huang Lee Seng, who bought it from Multiplex Boss. Andrew Roberts in 2015.
The signature pink property sits on a coveted strip of just eight properties, including two that wealthy Garbo Ian Malouf and his wife, Larissa, bought last year for $61 million. Castra Place is also home to Janine Lowe, ex-wife of Westfield heir Peter Lowe, real estate investor Herman Milkman, and heavyweight Vicki McFadden.
Ireland’s offering of 553 sqm on the sought after north facing strip follows the recent listing of Harris Farm CEO Tristan Harris apartments in neighboring Double Bay Beach. Side-by-side loft apartments in the Art Deco Edgewater building were listed earlier this month with $7 million in evidence by Joshua Allen of JT Allen.
Potts Point for Terrace Trade
In another airtight strip of the eastern suburbs, Morris and Jessica Violani’s Victoria Street balcony sold for about $6.5 million, after it was listed with $6 million in evidence by TRG’s Gavin Rubinstein.
Former Strategist at EY now OC&Maurice Violani, strategic partner at C Corporation, and his wife Jessica, who head media and media at Amazon Australia, bought the porch for $3.4 million in 2019 and transformed the porch with a major renovation led by on-trend interior designer Tamsin Johnson.
The couple are now turning their attention to a larger balcony across the road intended for designer Luigi Rosselli’s renovation to better accommodate the couple’s two young children.
Meanwhile, Daniel Hakim, the neighbor and CEO of the members-only networking community for business leaders, has listed his nearby Victoria Street Terrace—also by star TRG agent Rubinstein—with a price guide of $4.2 to $4.6 million.
It’s a quick turnaround for Hakeem, who bought the four-story terrace, which has two parking lots and views of the city, in October last year for $4.45 million.