Media mogul Bruce McWilliam sold his notorious past Point Piper investment mansion on Wednesday night for more than $ 32 million, about three times more than he paid in 2013.
The bullish result is all the more indicative of the strength of Sydney’s upscale housing market given the house’s colorful past as the centerpiece of a loan dispute between financial broker Adam Tilley and the murderer. convicted Ron Medich.
Brad Pillinger, of Pillinger, listed the three-level residence with stunning harbor views three weeks ago for more than $ 32 million, but declined to disclose the outcome of the sale. Sources claim the buyer was introduced to the property by Bill Malouf of LJ Hooker Double Bay. Neither agent would disclose the outcome of the sale.
The property was previously owned by fashion designer Lisa Ho and her then-husband Philip Smouha until 2003 when they sold it for $ 7.75 million to Medich.
As detailed by the Sydney Morning Herald’s Kate McClymont in her book dead man walking, Medich sold the investment 18 months later for $ 12.5 million to fund broker Adam Tilley with a $ 17 million loan and a deal to build a five-story apartment building on the frontline site. sea.
But development never took place and when a $ 20 million sale of the property in 2009 was never finalized, the outstanding debt was transferred to businessman Michael McGurk, who is said to have Burned the entrance to the battle ax block over ten years ago.
A year later, McGurk was gunned down outside his Cremorne home. Less than a decade later, a jury found Medich guilty of being the mastermind of his murder, for which he is currently serving a minimum sentence of 29 years.
The waterfront residence was still part of an insolvency deal, of which Medich was the primary creditor, until McWilliam and his wife Nicky recovered it in 2013 with a $ 10.65 million rebate. , down from initial hopes of $ 20 million. This was hampered by the fact that Medich lived in one of the duplex apartments before it was sold and by his notorious past.
In recent years, famous interior designer Blainey North has been redesigned, with Briony Fitzgerald colors.