Kangaroo Valley home of boss of collapsed start-up Metigy hits market

0
0
Our target is to take our local communities to the worldwide audience. Submit your story and we will help you to build your audience. Thank you Roots News Team

The luxury Kangaroo Valley retreat owned by Deborah and David Fairfull, the founder of collapsed artificial intelligence start-up Metigy, is set to hit the market as liquidators to the group look to claw back money from the sale of the property that was purchased last year for $7.7 million.

The 48-hectare lifestyle property is expected to be followed to the market in the coming weeks by the Mosman residence the Fairfulls bought late last year as part of an $18 million spree on luxury property at the peak of the property boom.

Heggy’s is set on 48 hectares between Berry and Kangaroo Valley at Wattamolla.

Heggy’s is set on 48 hectares between Berry and Kangaroo Valley at Wattamolla.

Frank Barker, of Raine & Horne Southern Highlands, is yet to set a guide for the hinterland retreat, known as Heggy’s, but ahead of the December 6 auction will be pointing buyers to the $7.7 million the Fairfulls paid for it last November.

Heggy’s is set in the hinterland of Wattamolla, between Kangaroo Valley and Berry on the South Coast, and is run as a cattle farm that includes a four-bedroom homestead with four living areas, a separate, self-contained cottage, swimming pool, championship tennis court, and horse stables and arena.

Metigy chief executive and co-founder David Fairfull.

Metigy chief executive and co-founder David Fairfull.Credit:Dominic Lorrimer

Barker declined to be drawn on how the market for luxury real estate has fared in the 12 months since the Fairfulls bought Heggy’s, but Domain figures show median values in the Shoalhaven area rose 12.9 per cent in the 12 months to October.

The local lifestyle market set a new high in August when a retreat in nearby Beaumont was sold by Barker for $9.5 million, with settlement records showing it was bought by Pacific Equity Partners co-founder Rickard Gardell.

At the time of property purchases late last year Metigy was being feted in the news as one of the country’s most successful start-ups and had received more than $20 million in funding to pursue expansion plans across the US and South-East Asia.

However, despite plans for a public offering on the ASX backed by some well-known investment shops, the company was placed in administration in late July and 75 staff quickly made redundant. In September, creditors voted for the group to be placed into liquidation so that any assets that it might have rights to could be sold and the money returned to creditors.



Source by [author_name]

Our target is to take our local communities to the worldwide audience. Submit your story and we will help you to build your audience. Thank you Roots News Team

LEAVE A REPLY

Please enter your comment!
Please enter your name here

four × 2 =