Former Westpac boss Brian Hartzer pulls Vaucluse mansion sale
Sacked Westpac boss Brian Hartzer has been forced to withdraw his luxury Vaucluse mansion from sale thanks to the impact of the coronavirus health crisis on the Sydney real estate market.
The move comes on the same day as the permanent appointment of his successor Peter King in the bank’s top office by new chair John McFarlance.
Hartzer had been hoping to reap more than $20 million from the sale of the home, which is held in the name of his wife Georgiana Hartzer.
The couple paid $12.75 million for the home in 2014.
Hartzer lost his job at Westpac last year after AUSTRAC took civil action against the banking giant alleging 23 million breaches of anti-money laundering and counter-terrorism financing laws.
Buying parties were given a last opportunity to make any counter offer on the property last week, giving rise to the suggestion that it has sold to its mystery buyer.
There is no caveat on title to confirm a sale.
the Hartzers have meanwhile been camped out in their $6.8 million Pittwater’s weekender while by appointment inspections during the coronavirus scare were taking place.
The US-born banker bought the Vaucluse property after returning to Australia following a two-year stint in London with Royal Bank of Scotland.
It was secured for $12.75 million just a few months before he was announced as chief executive at Westpac Group, replacing the retiring Gail Kelly.
The Michael Dysart-designed trophy home was bought from ISS Australia chief executive Dane Hudson.
The 1,230 sqm private estate features 765 sqm of internal living space across its three levels, each accessed by internal lift, It was listed by Brad Pillinger at Pillinger Real Estate. The home is crowned with an observation deck with views across the harbour.
The Hartzer couple had been expected to buy a downsized abode in either Melbourne or Sydney.
Mr Hartzer resigned as chief executive of the bank last November with a $2.69 million payout.
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