Michael Gu’s fortresses tipped for sale after iProsperity collapse

Sydney real estate agents are expecting a couple of multimillion-dollar mansions linked to fallen company director Michael Gu to soon hit the market.

Charles Stewart Western Victoria agent Andrew Dufty is expecting between $3.5m and $3.85m for Barrahead, which includes a circa 1859 stone Georgian homestead.

Sydney real estate agents are expecting a couple of multi-million-dollar mansions linked to fallen company director Michael Gu to soon hit the market. Gu has fled the country amid the collapse of his iProsperity group with creditors chasing at least $350m, according to the administrators. Caveats have been placed on the fortress-like Seaforth home of Gu’s mother, which Gu has not occupied for two years. The Lamborghini-loving fallen founder of the hotel investment company also has a pile worth at least $10m at nearby Mosman. Agents reckon there is little doubt the two properties will hit the market. Public documents show HSBC Bank holds a mortgage over the Seaforth property but the bank declined to comment this week. Gu paid more than $5.6m for the four-bedroom Seaforth property, which is north of Sydney’s CBD, back in 2015. A house occupant told The Weekend Australian earlier this week that Gu had not lived in the house for two years but his mother was occupying it. Gu has been criticised by the administrators for his poor company record keeping but said it was “the Chinese way” not to keep records and relied instead on verbal agreements.

Barrahead is one of the earliest pastoral runs in the state and was first taken up as the Victoria Valley Run by Thomas Woolley in 1838.

Homestead under the hammer

For sale for the first time since 1919, and located at the head of the Victoria Valley in the heart of the Grampians in Victoria’s western district, Barrahead is one of the earliest pastoral runs in the state and was first taken up as the Victoria Valley Run by Thomas Woolley in 1838. The current vendor, the Dark family, has been actively involved in the Victoria Valley since 1857 and has owned Barrahead since 1919. The 481ha property will be auctioned on September 18 through Charles Stewart Western Victoria agent Andrew Dufty. He is expecting between $3.5m and $3.85m for Barrahead, which includes a circa 1859 stone Georgian homestead. Comprising four bedrooms, office, lounge room, large kitchen and glorious sunroom, the home is in excellent condition, according to Dufty. A second home and a full range of station improvements including a recently renovated woolshed complement the property. Within the property boundaries lies one of the largest private wetland reserves in the district. With more than 30ha of ephemeral swamp, this area provides a unique opportunity to provide natural habitat to a wide range of bird species. Barrahead is well suited to a range of agricultural pursuits including wool and sheep meat production, cattle grazing and cropping. It is running 2700 fine wool merinos. Barrahead will be auctioned on September 18.

Bar Cupola owners move north

The owners of Sydney’s popular Bar Cupola in Angel Place, Beng Lim and Kerrie Moore, are moving to Byron Bay and have listed their landmark shopfront and home at 121 Harris Street, Pyrmont. The vendors are expecting $6m to $6.6m for the 1860 property developed on 447sq m through McGrath Double Bay agent William Manning.

Opposite Union Square at the “Paris end” of Harris Street, this historic residence and shop features 3.6m ceilings plus original kauri timber detailing across four levels.

There are multiple living areas including a grand main lounge and dining area coupled with a stunning kitchen, induction cooktop and European appliances. The ground floor retail shop has multiple income streams. There are four bedrooms including an enormous master with fireplace plus two fully self-contained bedrooms/suites.