This article is from the Australian Property Journal archive
The beachside mansion of Melbourne property identity Max Beck has been sold for $11.2 million – around $4 million less than the property tycoon was expecting.
Ironically, the Brighton property was purchased by a local business man, even though a so-called international campaign was conducted by global real estate agent Christies.
Beck had originally put his 1,146 sqm home mansion for sale in November last year with an asking price of $15 million.
Beck is the largest shareholder in listed property group Becton along with directors families and friends.
More than 103 million shares are due to be released into the market in the coming months with a further 104 million shares due to come out of escrow after the annual results for the June 2007 financial period.
Beck retains some 150 million shares in Becton valued at around $67.5 million at yesterday’s price of 45 cents per share.
Only recently, the shares, which listed at 50 cents on July 8 last year, dropped to a disappointing low of 41.5 cents before recovering.
Meanwhile, still in Brighton, the home of St Kilda Football Club president Rod Butterss’, on the Brighton Golden Mile, remains for sale at around $15 million – around $5 million less than it was originally marketed at around $20 million.
According to data from m3property, there have been three recent sales in Brighton with 2 Dudley Street fetching $5.5 million in April, 3 Moule Avenue fetching $5.71 million in April and 36 Middle Crescent fetching $2.66 million in June.
It would seem the Brighton market – despite its bayside location – cannot reach the lofty heights of Sydney Harbour prices.
By Nelson Yap
