The ultrarich are buying up big, and using shell companies to hide it
Across the country, the wealthy are increasingly creating schemes to shield real estate transactions from view. And with it, creating a whole new industry.
The apartment building at 6 Notts Avenue, (middle), Bondi Beach in Sydney. Dominic Lorrimer
Across from Bondi Icebergs, with a sweeping and unobstructed view across the iconic Sydney beach, is a nondescript apartment block. Unit by unit, over a decade, it has been acquired by STM 123 No 11 Pty Ltd.
The company now owns seven of the eight two-bedroom units inside the building. Each unit is now worth between $3 million and $10 million, based on the sales of similar apartments along the same street over the past year. So who is behind STM 123 No 11? The company can be traced back to Vaughan Blank, a former Glencore executive who now owns a swath of luxury real estate.
Campbell KwanReporterCampbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter. Email Campbell at campbell.kwan@afr.com
Bonnie CampbellLuxury property reporterBonnie Campbell is the luxury property reporter at The Australian Financial Review Email Bonnie at bonnie.campbell@afr.com
