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,saying he wanted to knock it down to make way for a pool.
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.