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The wife of Crazy John's founder John Ilhan, Patricia, has sold the company's Southbank headquarters to a residential developer.
Patricia, who sits on the board of the $300 million company, is believed to have accepted an offer of $10.5 million for two adjoining City Road sites, near the corner of Kingsway.
The sale includes the Crazy John's head office at 245-261 City Road, identified by the huge Crazy John's rooftop billboard, and an adjoining development site at 263-267 City Road.
Mr Ilhan once said he wanted to build a 34-level apartment tower in the shape of a mobile phone on the 1940-square-metre amalgamated site, but formal plans were never lodged with the city council.
Sources say the new owner of the site, property developer Mario Salvo, also has plans for a high-rise apartment building, once Crazy John's leaves as office tenant in about two years. Mr Salvo recently bought the Going Going Gone site in Victoria Street, Abbotsford, for $22 million.
Rosin Smyth director Martin Smyth confirmed the sale of the City Road properties when contacted by Capital Gain, but declined to elaborate on any specifics of the deal.
He said residential, office and hotel developers showed an interest in the site, which sold for $5400 per square metre of land. This is considered high given any development must wait until after Crazy John's leaves.
A spokesman for Crazy John's did not return Capital Gain's call.
John Ilhan died unexpectedly last October on a morning walk near his home in Brighton.
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