Jawdropping waterfront estate goes from Frying Pan to $2m fire-sale

first_imgMore from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours agoBut construction was abandoned eight years ago. Picture: Lachie MilllardOver 160 people had inspected the property, with 30 making offers on it and five contracts offered ranging from $1.4m to $2m, according to real estate agent Peter Grainger of Rock Real Estate, who marketed the property for a year before it sold for $1.94m.“It was a very tough sell because it was incomplete and also it was left for eight years, (so) it looked like ruins although it’s very strong construction,” he told The Courier-Mail.The $4m paid in 2009 was in an inflated market, he said, “at least $1.5m over what it should have been”.“It’s what we call an out-of-line sale, which is when a property sells for an extraordinary amount of money over and above the market. During that time a lot of those properties were at least 30, 40, 50 per cent over the market price.”Mr Grainger said the new buyers had paid a “good price however there are risk factors involved in buying a property like that”. The structure seems surprisingly strong considering it’s been open to the elements. Picture: Lachie Milllard The block looks back towards the Noosa Parade area across the water. Passersby in a file shot inside the shell of the incomplete mansion. Picture: Lachie Milllard The large plot has its own beach. You just have to visualise the possibilities. Picture: Lachie Milllard“Buyers don’t want to take it on with unknown risk and unknown risk will only be found when they (re) start construction. They still will need another million to finish it off – in cash as banks don’t generally like lending on half-finished houses.”He said if the property had resold six months after building activity had stopped “it would have been a different story.”“The difference is when it’s finished it could be worth anything, it’s 1.61ha in a totally unique, beautiful position.”Mr Grainger said it was a “very complicated sale”.“No wonder it took them 12 months to finalise. I thought for sure would be $3m but ultimately the market does decide what the price should be and it was well and truly tested with 160 views over that time.” FOLLOW SOPHIE FOSTER ON FACEBOOK FREE: GET THE COURIER-MAIL’S REALESTATE NEWS DIRECT TO YOUR INBOX undefined Lot 2 Frying Pan Track Noosa North Shore Qld 4565A BEACHFRONT owner has gone from Noosa’s Frying Pan to a fire-sale, after selling off her prized 1.61ha estate at a bargain $2m discount.The Singapore-based seller had paid a boomtime price of $4m for the jawdropping Noosa North Shore estate in mid-2009, according to CoreLogic records, but was unable to then complete construction of the 1100sq m mansion proposed for the site. BRISBANE SUBURBS RESIDENTS DON’T WANT TO LEAVE LIVE LIKE CLIVE PALMER’S NEPHEW, CLIVE MENSINK THIS IS WHAT $12M CAN BUY last_img read more

bet-at-home admits to €12m Austrian subsidiary tax charge

first_img Ray Wilson, AMLGS: Industry deserves praise for its reaction to a new normal July 23, 2020 Genesis to appeal UKGC’s ‘disproportionate suspension’ July 23, 2020 TVBET passes GLI test for five live games in Malta and Italy August 25, 2020 StumbleUpon Share Submit Related Articles Share Issuing a market filing, Frankfurt Xetra-listed betting group bet-at-home AG has disclosed to corporate investors that it anticipates paying €11.9 million tax back charges sanctioned by Austria’s tax authority.The DACH region operator states that its tax demand is attached to its wholly-owned Austrian subsidiary ‘bet-at-home.com Entertainment, Linz, Austria’.The Frankfurt betting group attributes its demand to Austrian tax audits undertaken for the periods of 2013-to-2018, underlining that it will owe approximately €11.9 million in relation to unpaid charges on ‘internal transfer pricings‘.The audit of transfer pricings is a function related to valuing the cost of a corporation’s internal transactions undertaken by its subsidiary units, which can be audited under common ownership.In its update, bet-at-home governance states that it will accept the Austrian tax authorities transfer pricing levels set between 2013-2018.Moving forward, the Frankfurt enterprise underlines that it has changed its ‘intercompany invoicing’ procedures, which will now be attached to the group’s main trading subsidiary ‘bet-at-home.com Entertainment GmbH’.Closing its corporate statement, bet-at-home anticipates incurred tax charges totalling €5.5 million for 2019 trading, which the company will move to reduce through its Malta subsidiary, aiming to reduce its year tax charges to €5 million.last_img read more