The clifftop Aman at Palm Beach sells for $4.5 million - a 40% price drop
The former Palm Beach retreat of the bankrupted Tony Morris, the former GP Noble entrepreneur acquitted in a 2012 UK trial over fraud allegations, has been quietly sold for $4.5 million.
It was sold by his former wife, Vanessa Morris. The couple had paid $7.45 million in 2006.
There was a rejected application in May 2012 to the Australian Federal Magistrates Court by Morris’s bankruptcy trustee Andrew Wily to sell it – for reputedly about $4.6 million.
It was sold earlier this year through LJ Hooker Palm Beach who had an initial price guide of over $5 million.
Valuations for the property in late 2011 ranged from $6.2 million to $6.5 million, hence the hesitation to accept the highest $4.6 million offer, which Title Tattle recalls didn't cover the bank debt.
The mortgage was running at $25,000 a month, with the National Australia Bank owed about $5.2 million and accumulating penalty interest.
It has been bought by the Gregory family who'd maintained an Avalon weekender.
Tony Morris, the ex-principal of GP Noble, had been extradited in 2011 from Sydney to defend the charges of which he was acquitted.
In a 2010 interview with Channel Seven at his clifftop home Morris has said he was innocent.