Billionaire Stephen Ring buys Byron Bay home of millionaire Greg Hargreave

A Melbourne millionaire has sold his house to a Melbourne billionaire – but the property is in New South Wales’ Byron Bay.

Skilled Group former boss, art collector, Greg Hargreave, has offered the Marine Parade home (pictured top and left) on Wategos Beach several times over the past seven years.

It has found a buyer following the most recent campaign – Stephen Ring – who in late 2015 pocketed a speculated $1 billion selling the Swisse Wellness business his father founded in the 1970s.

Mr Hargreave paid Albury-based orthopaedic surgeon David Kirwan $7.55 million for the home on an 800 square metre block in 2009.

Mr Ring, it is speculated in The Australian, is paying close to $10 million for it, however this was not confirmed.

Byron Bay Property Sales brokers Vicky Innes and Jeremy Bennett were the marketing agents.

In April, 2017, Mr Ring outmuscled several high-profile bidders including celebrity chef Guy Grossi and developer Joseph Chahin to snare the Melbourne CBD building at 23-29 Bourke Street, which had for decades prior been home to the Society restaurant. A year earlier Mr Ring was reported to have paid about $7.6 million for a waterfront house in Sorrento, on Victoria’s Mornington Peninsula.

Mr Ring controlled about 60 per cent of the Swisse Wellness business which sold to Hong Kong based Biostime for $1.67 billion.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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