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F45’s recently resigned chief executive and co-founder Adam Gilchrist scored more than $14 million for his Freshwater house on Saturday, setting a new high for the suburb.
The contemporary three-level house was listed two weeks ago with hopes of recouping his $14 million purchase price of 2019, and several buyers had lodged interest in the property before it sold.
The Freshwater sale set a new suburb record.Credit:Domain
Strict gag orders prevented the agents – Michael Clarke, Cherie Humel and Mike Dunn, of Clarke & Humel – from commenting on the sale or result, but buyers were notified that it had sold on Saturday morning for more than it traded for just three years ago.
It was scheduled to go to auction on August 27.
The sale offers a bit of good news for Gilchrist amid a torrid time for the fitness chain, which was founded in 2013 with one gym in Sydney.
F45 was a corporate success story when it floated on the US stock exchange in July last year, given that it claimed 1555 outlets worldwide and had star backing from Hollywood star Mark Wahlberg. Within a month of the float, however, the share price had peaked at $US17.28.
Actor Mark Wahlberg and F45’s former chief executive Adam Gilchrist.Credit:AP
The share price has slowly fallen since then, and that drop gained momentum in late July when the company revealed it had slashed its expansion plans to prioritise profitability and cash-flow generation.
Gilchrist (not the cricketer) stepped down as chief executive two weeks ago, pocketing more than $US7 million in cash, and another 110 employees are expected to lose their jobs.
On Friday, shares were trading at $US2.15.
When Gilchrist bought the Ocean View Road house near Freshwater Beach in 2019 he told Title Deeds that he planned to knock it down to make way for a pool to go with the bungalow he had bought next door for $5.4 million in late 2017.
The Freshwater house was purchased for $14 million in 2019.Credit:Domain
The bungalow is expected to stay in the Gilchrist family’s possession.
But no DA to demolish the larger, contemporary house was ever lodged, and it was instead being quietly offered to buyers off-market for much of the past year.
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