THE home of a Sydney property developer in one of the country's most prized streets has sold at mortgagee auction for $4.1 million.
This is a 40 per cent discount on the original asking price of about $7 million
Avi Hershco's three-apartment property in exclusive Bellevue Hill was sold to an eastern suburbs buyer on Tuesday night, in a further sign of problems besetting Australia's top surburbs.
He had handed over the property to the bank, along with his development of six luxury residential units in Beresford Road, Rose Bay.
Mr Hershco said he had planned to rip down the three apartments on the Kambala Road site, where he lives, to build a home. But those hopes were dashed when Suncorp Metway called in loans on his properties.
"I am not bankrupt, but the bank wants the money and they are also under financial stress," Mr Hershco said.
"Suncorp Metway pulled the plug a month ago."
In March, Mr Hershco said, he had an offer of about $7million for the Kambala Road block, but it collapsed at the last minute.
He bought the Kambala Road site for $4.3million in 2005. The site has three multi-storey apartments, one of which he lives in, as well as some land and a tennis court. It went to mortgagee auction in Double Bay on Tuesday.
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Below is the link to the property:
http://www.realestate.com.au/realestate/nsw/eastern+suburbs/105352179
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Now imagine how much your dream house would cost in 2008 if it goes back to the 2005 price level ?
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