Lucky buyer gets bargain of the year!
Real estate pundits, including this one, have been left with faces smeared with egg after the surf-and-skate beach shack of Mick Fanning failed to hit four million dollars overnight despite a pre-auction frenzy.
Realtor Emisha Canning wasn’t quite as bullish as your pals here at BeachGrit and said the pre-auction fever had resulted in a “multiple offer situation” with the joint being sold for an undisclosed price, although it was under four mill.
“The interest in this property had been really high and had ramped up in those final days before the auction, but there were a number of buyers who had conditional interest and the decision was made to give all buyers the opportunity to put their best foot forward,” Canning said, using a realtor dialect unfamiliar to most.
Fanning, a three-time world champ and survivor of a Great White encounter, bought the house near Coolangatta airport and four hundred yards from the Gold Coast’s fifth best point three years ago for what seemed at the time to be a wildly insane three million dollars.
Three mill for a house a fifteen-minute walk from the beach, and you gotta cross the highway, and with big silver birds flying over it, the whine of their big CFM turbo-fan engines filling the air?
The house at 5 Farrell Drive, Tugun, backs onto the famous bird sanctuary there, covers 12,00 square feet of dirt, has a pool and a sauna and was notable for the half-pipe in the living room.
Fanning threw a few buckets of white paint over the natural wood stain and waited until the Capital Gains Tax exemption period had been covered before selling.
It sure looks better on the real estate pages than Google Earth. See below.
Yesterday, it was revealed Fanning had thrown his media profile and some cash into the $300 million redevelopment of the old Parkwood Village, now renamed the The Palm Valley Gold Coast Resort, and which features an Endless Surf wave pool, the same tank that just opened in Munich.
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oh naaaaauuuurrrrr, anyways
That ramp has more in common with an Eames chair than a public skate park.
The chances of ever seeing a Canning and a Fanning in the same article again > The chances of Mick getting 4 mil for that house
Duh you just spend one single night there and you don’t have to worry about CGT as your “home” is CGT exempt.
No, not in the absolute way you are suggesting – you stick with what you are good at, to parrot your turn of phrase. The peculiar thing about tax law is that it uses two words that are otherwise interchangeable (evasion and avoidance) to give two very different results (unlawful and acceptable) where the difference is derived solely from the riddle of the legislation and the wacko concept of intent as determined by a judge from afar. Interestingly (or not) the law of trusts in England was developed as a reaction to taxation (ie avoidance) and trusts in turn affected the development of tax law – with knock on effects elsewhere. Now, the CGT legislation – that’s a cunt of thing to read and much less interesting. In answer to the exam question, sleeping in your primary place of residence for a single night might result in the exemption applying in a very limited set of circumstances, more information would be required to advise.
Obviioisly It’s allowed to change primary place of residence (you do have to spend at least one night there though). It’s also allowed to move into an investment property; people do this all the time.
$4mil for place with an empty lot for sale next door….which you know is going to undergo 2 years of dirt moving and construction in the near future.
And 80% of people who could afford it don’t want a skate ramp
Ceci n’est pas une skate ramp.
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Maybe wheel the stinky bin with Parko’s dead body to another corner?
With a Chinese or Indian flag out front he would have got 8
Nice enough looking gaff.. But at 3 to 4 $milly.. “51m of creek frontage” to me that isn’t a selling point.. I’d be wanting to be ocean with waves fronting any day. And surely for that much you could get closer to the water.
“Ramped” up the price maybe…the fuck outta heeeere!
buyers with no paper.
not a bad game to play if you want to see realo’s chasing rabbits down non-existent holes.