Nicholas Smedley hands over $950,000 to exit $9 million Glen Iris buy

PHOTO: Nicholas Smedley has paid $950,000 to walk away from settling the 4 Fairview Grove, Glen Iris, home he bought at auction last year for $9 million.  Supplied

Developer Nicholas Smedley has paid $950,000 to walk away from settling on a large family home in Melbourne’s leafy Glen Iris that he purchased at auction last year for a hefty $9 million.

Mr Smedley handed over his original $900,000 deposit and an additional $50,000 to cancel his deal and allow a second buyer to purchase the 4 Fairview Grove house for $8,050,000 – ensuring the vendor still received the originally contracted sum of $9 million.

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