F45’s Adam Gilchrist lists gutted North Coast house for $5 million

F45 co-founder Adam Gilchrist has listed yet another of his investment properties from his once impressive Australian portfolio as the fallout from last year’s share price rout on the Nasdaq-listed chain continues.

A house in Lennox Head, on the state’s North Coast, that comes with concept plans for a commercial retail development on site hit the market on Friday with price expectations of $5 million.

It is the fourth property owned by Gilchrist and his corporate interests put up for sale since he stepped down as F45 chief executive in July, pocketing a payout of $US7 million ($10.6 million) on the way out.

More recently, Gilchrist (not the cricketer) retained his seat on the company’s board despite a purge from its ranks by the New York private equity outfit that has pumped $US90 million into keeping the business afloat.

Gilchrist’s solely owned and directed corporate entity Sunset Regrets purchased the Lennox Head property in 2020 for $4.1 million with no need for finance, completing a more than $16 million property acquisition drive on Ballina Street.

The house on the main street of Lennox Head has been gutted since it was purchased in 2020 for $4.1 million.Credit: Domain

The house on 800 square metres has since been gutted, and now comes with concept plans for a three-level mixed-use development for apartments and retail outlets that is listed with Elders Bangalow’s Nick Bordin ahead of an April 6 expressions of interest deadline.

Bordin was approached for comment on the sale, but declined to do so.

The site is across the road from a beachfront house Gilchrist purchased for $3.8 million in 2018, and a block of four apartments he acquired over a three-year period for $8.15 million.

Gilchrist was one of the most bullish high-end property shoppers ahead of the float of the gym franchise in July 2021, when the company was riding high with more than 1555 outlets worldwide and backing from Hollywood star Mark Wahlberg. Its share price peaked a month after it was listed on the US Nasdaq exchange.

The concept plans for a three-level development on the Lennox Head site include two apartments on the top floor.Credit: Domain

But the share price has spiralled in the past 12 months after the company announced plans to slash its global expansion plans, with the share price down 86 per cent from February last year to $US2.11 and looming court battles with one-time brand ambassadors David Beckham and Greg Norman over claims of unpaid sponsorship payments.

Adam Gilchrist resigned as chief executive of F45 in July of last year but remains on the board.Credit: Noam Galai

Gilchrist’s property divestment plans started last year. A house in Freshwater, on Sydney’s northern beaches, that he had bought for a suburb high of $14 million in 2019 was sold for a new record of $14.05 million last August. Two months later the house next door was sold for $8.75 million.

Gilchrist’s landmark Byron Bay home at Wategos Beach, purchased for $18.85 million, is not for sale, but a guest house behind it and held in a company name controlled by his Facebook friend Lana Fredkin was listed for $10 million to $11 million last October.