Richard Bouris: former JB Hi-Fi owner sells three peninsula properties

Richard Bouris, who expanded JB Hi-Fi into a booming electronics and entertainment chain, has sold three Mornington Peninsula properties to enjoy an eye-watering payday.

Former JB Hi-Fi boss Richard Bouris has sold a trio of Mornington Peninsula properties for a combined total of almost $11.4 million.

Mr Bouris offloaded his holiday home of 15 years at 16 Paringa Rd for about $6.5 million, earned about $4.5 million for the 17 Paringa Rd property he built a beach house on for his kids, and fetched $380,000 for his Rye beach box.

Peninsula Sotheby’s managing director Rob Curtain declined to comment on the specific prices, but said deals were done for all three properties with three separate buyers within just two months of them hitting the market.

“The buyers are delighted and the Bourises are rapt as well,” he said.

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16 Paringa Rd, Portsea sold for about $6.5 million.

The big property sprawls across 8200sq m of land.

Mr Curtain said he’d already sold Mr Bouris and his wife another property on Portea’s “front-beach side”, where they planned to build a new house, as well as a bathing box on Shelley Beach.

Mr Bouris and his business partners bought JB Hi-Fi from founder John Barbuto in 1983, when it was a single store trading in Keilor East.

As joint managing director, he expanded the electronics and entertainment retailer into a chain across Melbourne and Sydney, and then sold a majority share of the business in 2003.

Inside 16 Paringa Rd.

The house was designed by a noted architect.

Mr Curtain said both Paringa Rd properties were snapped up by regular Portsea holiday-makers upgrading their beach homes, with spectacular ocean views a major lure in both sales.

No. 16 had also offered a sprawling 8200sq m allotment featuring a self-cleaning pool and spa, a tennis court, and a striking four-bedroom house designed by esteemed architect John Wardle.

Mr Bouris’s daughter, Michelle, married former AFL footballer Steven Greene at the property in 2007, with Molly Meldrum, Kate Ceberano and Greene’s ex-Hawthorn teammates Ben Dixon, Daniel Harford and Shane Crawford among the guests.

Mr Bouris also sold 17 Paringa Rd, Portsea.

Ocean views were a major drawcards for the property during its selling campaign.

The property fetched about $4.5 million.

CoreLogic records show Mr Bouris paid $3.85 million for it in 2002 and then created a “family compound” by securing No. 17 for $1.4 million in 2003.

He built a five-bedroom house with multiple indoor and outdoor living spaces, a pool and spa, on the 2488sq m property at No. 17.

Mr Curtain previously said the Bourises were “scaling back” from the “big commitment (of having) two homes on almost three acres (1.2ha) of land” by selling the homes.

The agent added their beach box on Rye’s Tyrone Beach attracted three bidders to sail $50,000 above reserve and set a foreshore record price on Australia Day.

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Mr Bouris’s Rye boat shed sold strongly at auction.

The property attracted three bidders.

Originally published as Richard Bouris: former JB Hi-Fi owner sells three peninsula properties