$28m dream home sells to 25-year-old!

Good on him!

Interesting to note further down in the article he and his business partner make a fair bit of their business revenue on land subdivision.
 
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Awesome, well done I say.

The articles didn't have any pics, does anyone have one they can attach or link? I'd love to see what $28M over 5 blocks buys you...
 
I saw an article on this transaction when I was in Qld last week.

The five amalgamated blocks amounted to about 2,200 sqm.

I was expecting some enormous big estate, but it's clearly a few of those tiny thin blocks I saw in Qld all jammed together to make a decent chunk of dirt. Quite frankly, it's what a normal Aussie family should have anyway, bit of elbow room.

By the sounds of the value of the property when it's finished, it sounds as if this young chap has pounced just at the right time and shall probably make more money on this one deal than anyone on this forum shall make in their entire life.

How do we encourage him to join the forum ??
 
Spot on! The figures went something like $28M purchase price, $10M to complete construction at which point end value is expected to be $60-70M.

Takes money to make money. :D
 
Dazzling said:
How do we encourage him to join the forum ??
Click to expand...

I hardly think he would bother, do you? :p

I saw the photo of the half finished house in the weekend paper. It looks like a concrete aircraft hangar right now. I think from memory the chap who is part way through building it lost millions off his fortune with the recent stockmarket "correction", forcing him to sell the part finished house. He had been slowly buying up all five blocks, so I imagine it must be a wrench to lose it. Paper said it would be worth $50M+ when finished.
 
I don't think I would like to live on Hedges avenue.

You would have people walking past the front of your house all day, as the beach is public access and when the wind is blowing the sand and salt would be annoying.

If I had that much money, I would have a mansion in the Gold Coast hinterland on 100 acres with views and some rainforest, a mansion on a Gold Coast canal so I could park my boat, and a unit on the beach as well, preferably up about 50 floors, for when you wanted to be by the beach. I could buy all 3 properties for the price of that Hedges avenue joint and move between the 3 places however I felt at the time.

See ya's.
 
topcropper said:
..... when the wind is blowing the sand and salt would be annoying.
Click to expand...

My Grand Parents owned a house on Townsville's dress-circle, The Strand, when I was a kid and I remember it always being closed up against the trade winds, everything corroding (including the pianola) and concrete cancer.

Brisbane's Courier Mail had this purchase on their front page today so I went to their web site and didn't find it.

But I did find this:

PROPERTY investors have been warned to stay away from the Sunshine Coast in a new guide to Australia's worst places to buy a home.

In his inaugural No-Go Zones report, veteran property guru Terry Ryder said the coast was one of Australia's unlucky 13 places for property investment.

http://www.news.com.au/couriermail/story/0,23739,23615144-3102,00.html
 
"We're not out there to have the biggest place or anything like that. We bought it to live in and raise a family."

How many wives/kids is he planning to have? Don't be surprised if he buys a private 747 to take his "kids" to school.
 
The previous owner actually knocked down his previously built to order mansion that only covered 3 block plus bought the surrounding ones so he could knock them down. I do feel sorry for Tony Smith he built up BreakFree Resorts and teh Schoolies Brand and then when he sold took a fair whack of the money in the buying entities shares (MFS). Hard to lose so much money when it was not co\mpletely under your control
 
I wrote the mortgage for this deal

I wish ..................................:)

at a 70 % lend the average repayment each month would be 28 k a month :)

ta
rolf
 
Anybody feel like starting up an IT company. Seems the way to go. HAHA!!

I wonder how much he has borrowed to cover the cost of this place. Also how much security has he placed over his companies to purchase this.

I only hope that one day I can own 5 (I would like more) investment properties. I don't want to own a mansion like this (I think it brings along more BIGGER troubles than its worth) just hope I can.

But I have to say congrats to this man.

Dom
 
International payment processor.

Rates starting from 2%

Monthly processing volumes
$1USD-$50,000USD
$50,000USD-$350,000USD
$350,001USD-$1,000,000USD
$1,000,000USD-$2,000,000USD
$2,000,000USD-$4,000,000USD
$4,000,000USD-$30,000,000USD

At the top rate ($4M-$30M USD) per month, imagine a volume discount of 0.15% *guestimate for the volume*

What is 0.15% of 30,000,000 USD per month????
$45K per month....... probably from one client - online casino's or porn industry.

There are 100 staff in Brisbane HQ, wonder how many clients he has? I'd consider moving the whole operation VOIP to Mumbai?

I think I am in the wrong industry.....

Aaron
 
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He has about 4000 clients. According to information he no longer has porn clients. Little bit of useless information.

Still that is quite a lot of money to make in a month given all the clients they would have.

Ohh well, some people are lucky.

D
 
One thing I like about this forum is how many people have said "good on him", rather than the standard tall poppy syndrome of being jealous.

I say good on him too - if I had the brains and courage he has, I'd do it as well!
 
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