The Mosman home of David Fairfull, founder of collapsed artificial intelligence start-up Metigy, was listed for sale on Thursday in what agents expect will be a test of the high-end market.
The sale of the luxury six-bedroom residence is part of a broader sell-off of Metigy company assets and Fairfull’s other luxury property interests liquidators hope will recoup the more than $20 million owed to creditors.
Fairfull purchased the contemporary Mosman house for $10.5 million in September last year, when Metigy was being feted as one of the country’s most successful start-ups.
But by July, the company was in administration and 75 staff made redundant, and more recently creditors voted for the group to be placed into liquidation so any assets it might have rights to could be sold.
Fairfull’s Mosman home hit the market on Thursday with a guide of $9.75 million and a December 8 auction set by Ray White Mosman’s Geoff Smith and Richard Harding that reflects recent falls in median house prices.
Domain figures show Mosman’s median house price peaked in the June quarter at $4.875 million, but fell to $4.75 million three months later to match the median house price at the close of last year.
Cathro & Partners’ liquidator Simon Cathro has alleged in a public report to creditors that the group became insolvent because Fairfull loaned his private company $7.7 million from Metigy in November 2021. That purchase came just two months after he purchased his Mosman home.
In December, Fairfull and his wife Deborah purchased a Kangaroo Valley luxury retreat for $7.7 million.