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Luxury home owners losing millions

Luxury home owners losing millions (News (General))

by administrator @, Friday, July 24, 2009, 19:31

THE Australian face of Lehman Brothers lost $8m in the sale of his Sydney home.

And he’s not the only one – prestige property owners are losing millions on their homes in the wake of the global financial crisis, The Australian reports

Banking high-flyer Glenn Willis previously headed the Australian arm of Lehman Brothers - the New York-based investment bank that collapsed last September in the biggest bankruptcy in US history.

His Mosman property, on Sydney's north shore, was valued at $18 million last October around the time the house was listed for sale. But the five-bedroom house home has recently sold, but not yet settled, for $10.2m after being passed in at auction for $10.25m in March.

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