Notting Lane Cottage Point waterfront with disco sold for $3.35 million by Drew Muirhead
Sydney entrepreneur Drew Muirhead has sold his five-bedroom Cottage Point waterfront on Sydney's Pittwater in one line, as plans to secure 12 takers each with a share, didn't get anywhere.
It had been given a nominal $7.8 million value on its 2012 marketing with each portion listed in $650,000 part ownership shares.
The expectations were around $4 million on its recent remarketing with Title Tattle gleaning its since sold at $3.35 million.
It was bought by Catherine Verschuer, wife of Paul Verschuer, Westpac managing director, foreign exchange, commodities, carbon and energy. The couple own Waterfall, a Duffys Forest acreage, which cost $6 million in 2006.
It wasn't for want of space as its possibly the biggest house within one of Sydney's smallest suburbs, Cottage Point, complete with infinity-edge pool, spa, jetty and pontoon. There was even its own private nightclub.
Designed by architect Richard Cole, it has water views from every room with its pitched ceiling expanding the view to include the bushland behind.
The five-bedroom home, featured on Grand Designs Australia in 2010, has been rented out for $20,000 a week in the peak season.
The top Cottage Point sale was $6.45 million in 2008 on Cowan Drive.
Last traded for $1.7 million in 2005, the vendor had previously rejected the suggestion the almost $3.5 million he spent building his dream home was an overcapitalisation.
Muirhead was offering the property under a co-ownership agreement drawn up by PodProperty chief executive Jeremy Levitt, who says the method has become more popular especially for holiday homes.
It was intended the co-owners would have a deeded share of the title of the bricks and mortar and could use their share for their own holiday stay, or rent out their time.
Fractional ownership is a model used in the US and Europe.
It was proposed the owners would each have a deeded share of the title of the bricks and mortar and could use their share for their own holiday stay, or rent out their time for a great return.
