Jon Adgemis is out of multimillion-dollar Point Piper home as he downsizes to Bondi

He threw a lavish New Year’s Eve bash in 2024 at his $20,0000 a week rental, now Jon Adgemis has officially moved out of the waterfront home and a new tenant has moved in.

Ex-banker Jon Adgemis has moved out of his Point Piper digs and downsized to Bondi. Picture: NCA NewsWire / David Swift

He had one last hurrah and threw a lavish New Year’s Eve bash in 2024 at his $20,000 a week rental, now Jon Adgemis has officially moved out of the waterfront home and a new tenant has moved in.

The cash-strapped former KPMG deal-maker, who up until recently still gave his address as the Point Piper “Bang & Olufsen” house, was staying at the home owned by Jerry Yafu Qiu, in exchange for property maintenance.

However, after spending a few years in the lavish digs, Adgemis has moved out and downsized, currently living in a Bondi apartment owned by billionaire fund manager Will Vicars.

It’s a massive fall from grace for Adgemis, who at just 28, had closed enough deals to make partner at KPMG in 2007.

Jon Adgemis and Megan MacKenzie. Picture: Supplied

The one time rock star banker was a frequent fixture on the social scene and was known for his no-expense spared parties, like the sit-down dinner he held on NYE in 2024 which was attended by a number of Sydney socialites.

He has previously been linked to Sydney model Cheyenne Tozzi and more recently Megan MacKenzie.

It’s unknown whether he and MacKenzie are still dating.

However, Adgemis has had a challenging few years since, with numerous headlines dominated by his enormous debt.

We can reveal the new tenant of the home is former MCoBeauty founder, Shelley Sullivan, who is believed to have moved into the waterfront home a few months ago.

Former MCoBeauty founder Shelley Sullivan. Picture: Richard Dobson

The mother-of-two, who recently sold her hugely successful beauty brand, has been splitting her time between the mansion – which last sold for $33m in 2013, the third highest property price ever recorded in Sydney at the time – and the US after signing with one of the world’s biggest and most influential talent, sport and entertainment agencies, the Creative Artists Agency (CAA).

The “Bang & Olufsen house” at Point Piper. Picture: Supplied

The home, which stands at the end of Wolseley Crescent, a cul-de-sac off Wolseley Road, is one of Point Piper’s most luxurious digs.

It is owned by Chinese investor Yafu Qiu and was given the “Bang & Olufsen” title by Elton John as he thought it looked like a high-end stereo when he spotted it while out yachting on Sydney Harbour.

John is rumoured to have shown interest in buying the home, even making an offer of $11m, before withdrawing it.

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Originally published as Jon Adgemis is out of multimillion-dollar Point Piper home as he downsizes to Bondi