PHOTO: Ros Kelly and David Morgan are trading in the Vaucluse waterfront for something more up-scale nearby. CREDIT:FAIRFAX PHOTOGRAPHIC
Former Labor MP Ros Kelly and her husband, former Westpac chief David Morgan, were supposed to be trading down their eastern suburbs real estate when they sold their $25 million waterfront home in Vaucluse last weekend.
After all, the couple often spend time at their long-held Southern Highlands property, and there are frequent trips to the US given Morgan’s role as Europe and Asia Pacific chairman of the New York-headquartered private equity investment giant J.C. Flowers.
But according to the local rumour mill, it turns out the sale by Sotheby’s Michael Pallier was not so much to facilitate a downsize as a trade up to a family compound in the nearby, non-waterfront mansion recently sold by mechanic Steve Davidson and his wife Carmen for more than $35 million.
The sale price of the Michael Suttor-designed mansion with billiard room, separate guest apartment, tennis court, swimming pool and garaging for 11 cars remains undisclosed by The Agency’s co-founder Steven Chen, but it has shocked industry watchers given the house last traded for $17 million three years ago.
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