Vocation founder Brett Whitford spends $16 million at Balmoral
The Vocation founder and former executive Brett Whitford has emerged as the $16 million buyer of a Balmoral cliff top trophy home.
The recently settled spring 2014 deal comes with no registered mortgage.
It was the harbourfront home of the recruitment industry pioneer Geoff Morgan and his wife, Roslyn.
Title Tattle suggests it was a bullish price given the Mosman market place is only just emerging from its post global financial crisis slumber, although the prized 8 Burran Avenue mansion had actually been listed in September 2013 when it came with for $17 million plus private treaty hopes.
The Morgan house had been substantially renovated, while still retaining its 1930s Mediterranean-style. There are views of Grotto Point, Castle Rock Beach, Clontarf and the rest of the Middle Harbour beauty points along with national park headlands.The co-founder of recruitment giant Morgan & Banks bought his north-facing, cliff-top, 1,100 square metre property in May 2004 for $5.25 million.
The five-bedroom, six bathroom house with a gym and pool was sold through McGrath agent Michael Coombs.
Whitford holds about 9% of the shares in the publicly listed Vocation Limited (VET) provides education, training and assessment activities leading to accredited outcomes offered by a registered training organisation.
Vocation entered a trading halt on Monday ahead of announcing its fourth profit downgrade with its share price having fallen from a September 2014 high of $3.31 to as low as 14¢.
The company was valued at $650 million but now sits around $60 million.