{"id":39809,"date":"2022-08-06T18:18:16","date_gmt":"2022-08-06T06:18:16","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39809"},"modified":"2022-08-06T18:18:16","modified_gmt":"2022-08-06T06:18:16","slug":"next-twist-in-f45-fitness-downfall","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/next-twist-in-f45-fitness-downfall\/","title":{"rendered":"Next twist in F45 fitness downfall"},"content":{"rendered":"

PHOTO: F45 – Paige Hathaway. FILE<\/strong><\/p>\n

The next move of the co-founder of Australian fitness giant F45<\/a> has come to light after he stepped down as chief executive.<\/p>\n

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The picturesque Sydney beachside manor owned by F45 co-founder Adam Gilchrist is set to go under the hammer after the Australian fitness giant\u2019s stunning downfall.<\/p>\n

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\u2018ENORMOUS ISSUES\u2019: Co-founder reveals why F45 suddenly imploded<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n

Mr Gilchrist (not the cricketer), who stepped down as F45\u2019s chief executive last week amid stock plunges and company-wide lay-offs, is selling his \u201cbeachfront trophy home\u201d at Freshwater on Sydney\u2019s northern beaches.<\/p>\n

The home, 52 Ocean View Rd, grew into infamy in 2018 when Mr Gilchrist and his wife Eli bought the property for a whopping $14m due to a minor neighbourly dispute.<\/p>\n

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F45 co-founder Adam Gilchrist is selling his picturesque manor on Sydney’s northern beaches. Picture: Clarke & Humel<\/strong><\/em><\/div>\n

The couple had purchased a three-bedroom cottage on 50 Ocean View Rd for $5.4m in 2017 and planned to spend $2.5m to develop the property.<\/p>\n

But neighbours complained it would not comply with building height or boundary controls, which led to Mr Gilchrist taking the extraordinary step of withdrawing his proposal and settling the matter by buying his neighbour\u2019s bigger home for the obscene amount.<\/p>\n

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F45 founder to offload $14m \u2018dispute\u2019 home<\/a><\/h2>\n<\/header>\n<\/div>\n

The $14m price was a record for the Freshwater suburb, with agents considering 52 Ocean View Rd\u2019s mammoth sale an outlier price.<\/p>\n

But the three-storey home is again on the market, with real estate agents billing it as \u201cunquestionably one of the finest homes and locations in Sydney\u201d.<\/p>\n

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One of the bedrooms in the Freshwater home. Picture: Clarke & Humel<\/strong><\/em><\/div>\n

\u201cCutting-edge architectural design and an unsurpassed beachfront setting combine in this state-of-the-art luxury residence to deliver the ultimate designer beach house,\u201d a description of the home reads.<\/p>\n

\u201cSet to a picture-perfect backdrop that sweeps over the surf to the ocean’s horizon and North Head, the tri-level residence showcases living spaces and lift access to all three levels and has been appointed and furnished with every conceivable luxury.\u201d<\/p>\n

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F45 founder gives Auschwitz survivor mammoth payday<\/a><\/h2>\n<\/header>\n<\/div>\n

The home\u2019s features include five bedrooms, three bathrooms and giant retractable windows in the dining room.<\/p>\n

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The beautiful view from 52 Ocean View Rd overlooking the beach. Picture: Clarke & Humel<\/strong><\/em><\/div>\n

Mr Gilchrist suddenly announced last week that he was stepping down as F45\u2019s chief executive after co-founding the business with Rob Deutsch back in 2013.<\/p>\n

The company also revealed it would be laying off 110 staff and cuttings its operational expenses, which caused its stock price to fall by more than 60 per cent.<\/p>\n

F45 hoped that by reducing its corporate workforce by 45 per cent it could return to a positive cash flow.<\/p>\n

Mr Gilchrist said he would be \u201cforever grateful\u201d as he exited the company.<\/p>\n

\u201cTo the staff that have worked tirelessly since our inception, you have been incredible in your efforts, and I thank you for all of your support,\u201d Mr Gilchrist said in a statement.<\/p>\n

\u201cTo the investors that have joined us along our journey, I thank you for your commitment to F45.<\/p>\n

\u201cLastly, I am forever grateful to our franchisees who deliver the world\u2019s best workout each day to F45 members around the world.\u201d<\/p>\n

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Actor Mark Wahlberg (left) and F45 founder and chief executive Adam Gilchrist on the trading floor at the New York Stock Exchange. Picture: Noam Galai \/ Getty Images for F45 Training<\/strong><\/em><\/div>\n

Mr Deutsch, who stepped down as chief executive and sold his shares in the company in 2020, said there were \u201cenormous issues needing fixing\u201d.<\/p>\n

\u201cNever in my wildest dreams could I have imagined this,\u201d he wrote on Instagram.<\/p>\n

\u201cWhen I exited, and sold out of F45, I left a healthy, phenomenal, beast of a business. All the way from the company culture to the heart beat of the business \u2026 the workouts. F45 was special.<\/p>\n

\u201cI genuinely hope all of the 110 laid-off staff, find happiness and opportunities elsewhere.\u201d<\/p>\n

F45 was a global fitness powerhouse before its stock shock last week, with more than 1500 studios in 45 countries and Hollywood superstar Mark Wahlberg among its investors.<\/p>\n

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\"Hollywood<\/div>\n

Hollywood superstar Mark Wahlberg is an F45 investor.<\/strong><\/em><\/div>\n

Mr Gilchrist made $500m overnight when the company went public on the New York Stock Exchange in July last year.<\/p>\n

His northern Sydney home will be up for auction on August 27.<\/p>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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