The co-founder of embattled fitness chain F45,Adam Gilchrist,has sold the second of two Freshwater houses,securing a multimillion-dollar profit despite never going through with his grand plans for the site.
The sale price remains undisclosed given no comment from Clarke&Humel’s Michael Clarke and Cherie Humel,but it given it was only on the market two weeks and sold ahead of the scheduled October 22 auction.
F45 co-founder Adam Gilchrist’s three-bedroom house by Freshwater Beach last traded in 2017 for $5.4 million.Supplied
Gilchrist (not the cricketer) and his wife Eli purchased the three-bedroom bungalow sight unseen in 2017 for $5.4 million at a competitive auction where the result soared $1.3 million over the reserve.
At the time Gilchrist had planned to redesign the single-level house on 410 square metres overlooking the parking lot behind Freshwater Beach,but after it drew a slew of objections from neighbours he wound back those plans.
Instead,he purchased the contemporary three-storey house next door for $14 million,.
Adam Gilchrist resigned as F45 chief with a payout of almost $10 million.
Those plans never materialised either,and instead the homes were being quietly listed for sale this year with hopes of recouping the purchase prices amid a broader market downturn.
The larger house next door sold last month for about $14.2 million,setting a new suburb high.
The smaller bungalow next door proved a more lucrative investment. At close to its $8.5 million hopes,it represents a jump in value of $3 million in the five years he owned it.
The two Freshwater houses were once planned to be a site consolidation as one property before they were recently sold separately by Adam Gilchrist.James Brickwood
Gilchrist has seen his own stocks fluctuate since July last year,when the F45 fitness chain was listed on the New York Stock Exchange at $US16 a share.
The share price plummeted in July to $US1.35,after an update that revealed the company was in financial peril following the withdrawal of the loans needed to fund its ambitious global expansion plans.
Soon after Gilchrist resigned as chief executive with an almost $10 million handshake,as 110 of his colleagues also lost their jobs,and his LA Giltinis rugby union team (named after his own cocktail) was.