Latest news with #propertydeal
Yahoo
8 hours ago
- Business
- Yahoo
Embattled casino's lifeline deal collapses
A major property deal involving casino operator Star Entertainment has officially failed, leaving the struggling company on the hook for $40m of repayments. Star flagged the likely failure of the deal on Wednesday, and on Friday morning share trading was paused as negotiations over the newly opened Queen's Wharf casino in Brisbane fell apart. 'As of this morning, the parties have been unable to reach agreement on a number of outstanding commercial issues which in turn prevent the finalisation of long form documents,' an announcement to the ASX said. Star proposed to extend the deadline – again – for another week, but Chow Tai Fook Enterprises and Far East Consortium International declined, the announcement read. Star had been trying to sell its majority stake in the Queen's Wharf precinct to the Hong Kong-based business partners. As a consequence of the deal falling through, Star Entertainment must repay the partners about $41m, the ASX announcement said – $10m by August 6, and $31m by September 5. The fallout also leaves Star liable for about $1bn of debt. More to come Sign in to access your portfolio
News.com.au
8 hours ago
- Business
- News.com.au
Star Entertainment's Brisbane Queen's Wharf deal collapses
A major property deal involving casino operator Star Entertainment has officially failed, leaving the struggling company on the hook for $40m of repayments. Star flagged the likely failure of the deal on Wednesday, and on Friday morning share trading was paused as negotiations over the newly opened Queen's Wharf casino in Brisbane fell apart. 'As of this morning, the parties have been unable to reach agreement on a number of outstanding commercial issues which in turn prevent the finalisation of long form documents,' an announcement to the ASX said. Star proposed to extend the deadline – again – for another week, but Chow Tai Fook Enterprises and Far East Consortium International declined, the announcement read. Star had been trying to sell its majority stake in the Queen's Wharf precinct to the Hong Kong-based business partners. As a consequence of the deal falling through, Star Entertainment must repay the partners about $41m, the ASX announcement said – $10m by August 6, and $31m by September 5. The fallout also leaves Star liable for about $1bn of debt.
Wall Street Journal
9 hours ago
- Business
- Wall Street Journal
The Waste Management Billionaire Setting Real-Estate Records for Fun
Waste management billionaire Patrick Dovigi was at his Aspen, Colo., home when he got an unexpected call from former casino magnate Steve Wynn on New Year's Day in 2024. Wynn wanted to buy the house, though it wasn't on the market. Dovigi paid $72.5 million for the property in 2021, then a record price for the affluent alpine town, and had just finished fixing it up for his young family. 'Initially, I said no. I wasn't interested,' recalled Dovigi.
News.com.au
4 days ago
- Business
- News.com.au
Brighton waterfront: Poker player's $30m+ mansion buy revealed
Brighton's rumour mill is in overdrive after a more than $30m property deal involving a philanthropic poker player, wild storms and close to 60m of the suburb's waterfront. A sprawling, more than 3800sq m address in the elite Bayside suburb has sold after a marathon, two-year sales effort. And with the buyer already owning another similarly-sized waterfront address two doors down, locals and industry insiders are wondering if there might be a chance they are looking go collect a combined 1.14ha along the high-end suburb's waterfront. The recently sold house was listed on behalf of the family of late developer Bruce Terry and his wife Judith, seeking as much as $50m, since 2023. Records show it now has a caveat on it in the name of Pamela Colman, wife to lawyer, MCS Property developer, philanthropist and poker player Julius. The pair already own another waterfront home a few doors down, which has Brighton locals and market watchers wondering whether the owner of the property in between the two addresses has been, or will be, approached. Listing agents Kay & Burton's Ross Savas and Alex Schiavo declined to comment on the sale, or to confirm a price, though it was recently listed with a $39.9m-$41.5m asking price before being removed from online portals. However Brighton insiders believe the deal would have been below $40m and potentially closer to $30m — though still likely setting a record. Those same insiders noted storm activity had felled a number of large trees on the block a few months back, potentially providing benefits for the next owners plans for the site — which had widely been expected to get a multimillion-dollar renovation after it sold. Sales records show Brighton's current top house price was set by a waterfront Seacombe Grove mansion, sold by the family of late 7-Eleven Australia co-owner Beverley Barlow, for $31.6m in 2022. Morrell and Koren buyer's agent David Morrell said after its initial ambitions, he believed a more 'sensible' price had been paid for the newly sold home — though did not have an exact figure. However, Mr Morrell said that if the buyers hadn't already struck an agreement with the home between the two mansions — collecting the set could now be tricky. Combined, the two properties now owned by the Colmans would now span more than 7000sq m, and due to the shape of the blocks mean they now own almost all of the waterfront between the two addresses. A review of Google Maps puts the bay facing property line close to 60m long. If they are able to add the third residence, it would top 1.13ha, making it one of the biggest residential Brighton holdings — and likely the biggest with water frontage. It is not known if that is the Colman family's intention. But such a gambit might appeal to Mr Colman, who in addition to working as a property developer, has played poker on the international circuit. He has reportedly tipped his winnings into the Colman Foundation charity, which supports the education of disadvantaged kids around Melbourne and Victoria. It's a cause he became passionate about after moving to Melbourne from Poland as a refugee aged four, following World War II. His philanthropic efforts have been recognised with an Order of Australia medal. Mr Morrell said the Brighton sale was one of relatively few notable transactions this winter, with Melbourne's top end 'the slowest I have seen it'. While he wasn't ruling out a rise in more impressive residences hitting the market in October and November, he said he wasn't expecting a great deal to hit the market between now and September — largely due to global trade tensions and wars creating concerns about the financial stability needed to underpin such deal.
Daily Telegraph
4 days ago
- Business
- Daily Telegraph
Double Bay waterfront sale falls over, then sells for $2m less
A historic sandstone waterfront mansion in Double Bay exchanged at $22m more than a year ago but the sale fell through … now, a new deal has just been done at $20m to a different buyer. The five-bedroom estate on a 978sqm block at 21 Gladswood Gardens, which was the coach house of the Gladswood Estate, has been owned by the MacMahon family since it was bought for $782,000 in 1983. The sold sticker went up last May, and sources say the expat purchaser back then couldn't sell their Hong Kong property so couldn't proceed. Enter Cohen Handler buyer's agent, Tom Penfold, who's scooped it up for his eastern suburbs lady client at $2m less than the original agreed price. MORE: Redfern house doubles in value after reno 'A waterfront in Double Bay for $20m — it's a beautiful old sandstone building,' Penfold said. 'My client fell in love with it straight away and we secured it very quickly. 'She love the rawness and the potential.' He says she will do a sympathetic reno — 'she's not going to go crazy' — and move in. The Double Bay case mirrors another in Vaucluse involving one of multi-millionaire William Wu's properties investment properties. The 32-year-old investor and his property developer mother Jing Wang amassed a $100m portfolio of houses from Bellevue Hill to Vaucluse in 2021, including a six-bedroom, seven-bathroom mansion with eight-car garage at 31 Vaucluse Rd, Vaucluse bought for $13.32m. The home, on an 879sqm block and with sweeping iconic views, went up for sale with a $23.8m guide in 2023 and later exchanged for about $24m. But local sources say that deal, too, fell through. That's just exchanged again via Bradfield BadgerFox Double Bay agents Alexander George and Peter Leipnik for about $21m to a local buyer. MORE: Big price for Nicole Kidman house
