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The global financial crisis clearly hasn’t hurt everybody, with Channel Nine, er, executive Eddie McGuire forking out a speculated $11 million for a new Toorak palace.
The recently resigned Channel Nine chief executive officer – who is expected to pocket a $4 million salary from the network this year – has used his spare time re-acquainting himself with Melbourne’s blue ribbon market, having called Sydney home for more than 15 months.
His new Toorak domain, in a small court just off St Georges Road, sits on a massive Toorak block and includes a tennis court, swimming pool and huge garden capable of some kick-to-kick.
Title records show the property was offloaded by Applied Chemicals executive Ian Hicks, but will be registered in the name of Eddie’s wife, Carla.
Local agency sources say the home was built by prominent commercial property developer David Deague more than ten years ago.
They say it was only a matter of time before Eddie upgraded from his Dunraven Street home, which despite being in a “AAA-street”, is on a relatively small block.
McGuire paid $1.275 million for the Dunraven Street block in October 1996 and rebuilt a contemporary home. Part of this home was destroyed by fire in 2001. As well as the modern home, his Dunraven Street estate includes an older home. Both are expected to be sold.
Kay & Burton director Michael Gibson, representing Eddie’s property possessions and disposals, declined to comment when contacted by Capital Gain. McGuire did not return Capital Gain’s call.
Since announcing his resignation as CEO last May, McGuire has worked on specific network projects including current affair interviews, and game shows.
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