Hockey Orders Sale Of $39m Sydney Home

[icyfroth]

A foreign investor has 90 days to sell a $39 million mansion in Sydney's eastern suburbs after it was found to have been illegally held under foreign investment laws.

Treasurer Joe Hockey made the order, forcing the divestment of Villa de Mare in Point Piper, just before parliament's question time on Tuesday.

The property was illegally bought in November last year by Golden Fast Foods, a foreign company which failed to notify the Foreign Investment Review Board of its intended purchase.

Mr Hockey said the government welcomed foreign investment, but was serious about enforcing the law.

Read more at http://www.9news.com.au/national/2015/03/03/16/12/hockey-orders-sale-of-39m-sydney-home#58d21tJ4Y7JS...

I wonder who's going to buy it? Not all that many Aussies with the kind of money to snap that up.

[jean2579]

I am really glad about this. It is long overdue and I know from personal experience in selling FIRB sales when working how many times a blind eye was turned to the rules.
I realise that this property is at the top of the market, but the problem exists in the first home buyers market as well and makes it very hard for first home buyers to compete.
I never thought that I would say it, but well done Mr. Hockey.

[lloydslights]

If the sale of the property makes a profit, say, who benefits?

DEB

[lind9650]

Joe Hockey is full of blustering wind. One incident like this will not make him more popular when he still thinks that Pensioners are bludgers.

The trouble with this kind of consortium is that they are wealthy enough to find some loopholes and slip through them again and will retain the property under different names. Most likely form another consortium here in Australia with members that are born or naturalised Australians. Have the sale for a loss from one company to the other (for tax reasons) and still be the owners of this mansion.

It's amazing what kind of Lawyers big money can buy.

Erica

[ladydeburg]

Well done to Mr Hockey and the government. We never want to end up like Ireland where the people couldn't afford a home in their own country.

Rules are there for a reason  to and if the rules have been flouted they deserve the full force of the law of the land.

[cherry*135]

Icy: " I wonder who's going to buy it? Not all that many Aussies with the kind of money to snap that up."

Yes, it is usually the overseas buyers ( mainly from Asia) that buy properties in that price range.

I don't see why Hockey gets the credit for ordering a sale of a propetry according to the law.

The 'poor' aren't in the market for $39m homes.

[cherry*135]

What happens if there are no buyers? Does the Govt force the house to be sold at a lower price? It isn't a mortgagee sale.

"If the company does not sell the mansion within 90 days, the matter MAY BE referred to the Commonwealth Department of Public Prosecutions."

Only 'may be' ?

[cherry*135]

Ridiculous. You really need to accept others will have different views to you.

No one in power gets credit for simply following the law. The may be is a big issue.

This is who did the work.

"FIRB staff spent months investigating if the purchase complied with the law.

“The rules are straightforward,” said Brian Wilson, the Foreign Investment Review Board chairman. “It’s an existing property you have to be either a resident, or a citizen or a temporary resident. You can’t be a foreign investor.”

[cherry*135]

Comment 'No doubt the timing is tied to Abbott’s woes and the NSW election but that’s politics and this is a big win for the country.'


Right on.. Just a fluff story giving Joe Hockey the brownie points.

[vicr3000]

" Ridiculous. You really need to accept others will have different views to you."

LOL, that's a big joke coming from the likes of you.

Tried to make my post yesterday look as though I was wrong, on a subject you know zero about and never will

and fell flat on your face after making such a big deal out of Abbott's invasion.

Ever thought that sometimes, like the Police it isn't worht it to chase people through the courts ?

 "Right on.. Just a fluff story giving Joe Hockey the brownie points."

LOL, Just like Shorten jumping on the DV band wagon today ?????????