Chinese buyer pays $23,733,800 for Balmoral home of Richard Freudenstein
The Balmoral Slopes home of Richard and Jane Freudenstein, listed with a price guide of $23 million to $25 million, fetched $23,733,800 to a Chinese-born Australian buyer.
The seven bedroom home sits on 1650 square metres complete with views across Middle Harbour towards Sydney Heads.
Ray White Lower North Shore agent Geoff Smith had the listing of the property at 1-3 Burran Avenue which sold to Wilson Hui Xiong Xue, the self-described shoe king of China.
“In China, people call me the ‘shoe king’ as more than 1,000 people work for me and we export millions of shoes around the world,” Xue said in a 2011 interview.
Wilson started Fu Qing Feng Sheng Shoes Co Ltd in 1993 and has pursued business in footwear wholesale and retail in Australia from 1997 with 25 retail outlets in NSW and Victoria.
Wilson also has interests in mining, forestry, solar power and resort hotels. He has gold interests in Papua New Guinea and solar power stations in Tonga.
In Australia he is associated with Pilot Energy Limited, an ASX-listed company (ASX:PGY) that is rapidly creating and developing a portfolio of high quality conventional oil and gas assets.
He has been non executive chairman of Pilot Energy Limited since 2016.
Infact he describes himself as an entrepreneur and businessman with 25 years of senior management experience.
"He has an impressive record of establishing and growing new businesses across a breadth of industries.
"In addition to Mr Xue’s business acumen, his extensive international contacts will benefit the company as it implements its growth strategy."
Earlier this month the company agreed to a placement of new ordinary shares at an issue price of $0.03 per share, which was 48 percent higher than the Company’s current share price.
The placement will inject almost $477,000 into the company, enabling it to fund working capital and exploration activities to support future drilling.
Wilson is the honorary president of the Australia Council for the Promotion of Peaceful Reunification of China and the honorary president of the Australian Fuqing Association.
Richard Freudenstein and wife Jane, plus their three daughters, lived in Burran Avenue, Mosman for almost 12 years.
Eight cars can be parked under the tennis court.
“For us it is a downsizing exercise as we now only have one daughter at home,” said Freudenstein, who sits on the REA Group board and is a former CEO of Foxtel and The Australian newspaper.
The Freudensteins aren't planning to move far, spending $11 million in Mosman.