The former stockbroker turned fund manager, Charlie Aitken is backing himself against the upmarket Sydney property market.
Part of the sale proceeds of his $10.5 million Darling Point villa, which settles next month, will be put into his $75 million fund, Aitken Investment Management, rather than back into bricks and mortar.
"It's all about backing myself and having a go," he told columnist Philip Baker at The Australian Financial Review.
"I think there is more money to be made in global stocks than there is in the Sydney property market and I'll back my fund over Australian residential property," he says.
The fund manager Charlie Aitken and wife Ellie sold their Darling Point villa in March, some six months after it hit the market.
After the couple swapped agents, it was offered with revised $11 million hopes through Elliot Placks and Richard Carwin of Ray White Double Bay.
They secured around $10.5 million having bought the five bedroom house, now with Thomas Hamel interiors, for $6.95 million in 2008.
The Mediterranean-style property was bought from William Penfold, the last of the family members to head the country's oldest stationery company, WC Penfold.
Capri Avenue house sits in gardens designed by Paul Bangay.
It has been bought by emergency financier Tim Odillo Maher and his fashionista wife, Victoria Montano.