Billionaire flips fixer-upper penthouse at $500k loss to internet richlister

first_imgThe concrete bunker that Mr Koloadin has bought is ready for a transformation. The multi-floor plans for renovation were expected to be thrown in but it’s unclear whether the former head of Digital Pacific will follow through with them. Artist’s impression of the plans that billionaire Tony Fung had for the four-storey penthouse site in Soul Tower. Artist’s impression of the four-storey Soul penthouse in Surfers Paradise.ONE of the wealthiest men in Queensland has lost over half a million dollars on the sale of his barebones fixer-upper penthouse to a young internet richlister.Queensland-loving Hong Kong billionaire Tony Fung, who has owned property across the state for over 20 years, agreed to flip his sprawling Soul Tower penthouse in Surfers Paradise for about $1.45 million less than the price he’d originally listed it at. Mr Fung had bought the four-level penthouse off receivers for $7m in 2015 — the same year that he purchased failed Nathan Tinkler’s Patinack Farm operation off receivers for $20m. Mr Fung has spent millions in Queensland since 2015 and not everything has gone his way. Picture: Richard GoslingCoreLogic records confirm he sold the property for $6.5m to a company linked to Andrew Koloadin — the founder of web hosting firm Digital Pacific which was sold for about $52m last year.center_img The penthouse was a barebones shell with some of the best views in QLD.Mr Koloadin, a Sydney-based investor and finalist in last year’s EY entrepreneur of the year awards, had seen his firm grow to host over 150,000 websites for companies across the country before it was sold. INSIDE JAWDROPPING $15M QLD UNIT More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago IS THIS BRISBANE’S BEST RENO? Mr Fung and his son Justin at their Aquis Farm which was formerly Nathan Tinkler’s Patinack Farm. Picture: Lyndon Mechielsen/The AustralianMr Fung found that his family preferred spending time at the old Patinack Farm in the Gold Coast hinterland and their Sunshine Coast escape — which comes with its own 18-hole golf course and greenkeeper. FOLLOW SOPHIE FOSTER ON FACEBOOK This vision for the site is definitely a keeper, surely.At the time the penthouse was mostly just multiple floors of concrete bunkers, but the Aquis Group chairman’s plan was to turn it into a lavish six bedroom, six bathroom, eight car space base for his jetsetting family. He went so far as to draw up major plans for the 1,043 sqm apartment, the fit-out costs for which were estimated in the range of $3-5m, a source told The Courier-Mail. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25last_img read more

Cricket News Varun Chakaravarthy- Rs 8.4 crore IPL Auction buy – says why he is excited to play for Kings XI Punjab

first_imgNew Delhi: Minutes after he was picked for Rs 8.4 crore by Kings XI Punjab in the 2019 Indian Premier League Auction, the phone has not stopped ringing for Varun Chakaravarthy, the 27-year-old Tamil Nadu ‘mystery’ spinner who created a sensation. “About 600-700 journalists have called so far,” Chakaravarthy said with a tired yet content voice after he had created a sensation in the auction in Jaipur on Tuesday. The young lad’s journey is unique devoid of all the masala elements of Bollywood or Hollywood. Chakaravarthy’s story is the classic story of all middle-class youth, who struggle to find the right balance between a serious academic career or a sporting career.Chakaravarthy’s story was well-highlighted before the auction started. He did not do well in sports in school, quit the game, studied hard and pursued a career as an architect. Suddenly, one day, he had enough and was prepared to jump back in the game. He dusted his kitbag, got back into the cricketing fray and his journey began. “I was just not happy in architecture. I could not express myself. I decided to give one last shot in cricket. If I did not gain much success, I was prepared to stay in architecture,” Chakaravarthy said in an exclusive chat to News Nation. Unique comebackAt the age of 25, making a cricket comeback is not easy for an individual in India, considering the regimented pathway many youngsters go through via U-16, U-19, U-23 before getting into Ranji Trophy. However, for Chakaravarthy, the IPL has provided opportunities to make rapid strides. After a stellar performance with a TNCA fourth-division club, he was picked in the Tamil Nadu Premier League where he played for the Karaikudi Kaalai franchise. Although success did not come immediately, things still worked out well for him. Read More | IPL Auction: Varun Chakaravarthy creates sensation, sold for Rs 8.4 Cr“In the first year, I played for the Karaikudi Kaalai franchise. In that team, there was a video analyst Hari who spotted me. Next year, I went to the Madurai Panthers team but I did not get to play many games. But this year, it all changed. I got massive support from all the senior players in the side, especially from KB Arun Karthick, Thalaivan Sargunam,” Chakaravarthy said. Read More | IPL 2019 Auction: Unadkat, Chakravarthy and Curran get big bucksChange it did. He was the star for Madurai Panthers and his economy rate of 4.7 gave the franchise their first title. More success followed in the Vijay Hazare Trophy, with 22 wickets in nine games for Tamil Nadu. All this culminated on Auction day which was in Jaipur. When Chakaravarthy’s game was announced, the Chennai lad expressed his state of emotions. ‘Glad to be with Ashwin’“I was at home with my parents and we were glued to the TV,” Chakaravarthy said. As the price increased, the excitement went up. “I was just happy that my talent was recognised,” apt came the answer. Chakaravarthy was picked by Kings XI Punjab and he secured the joint-highest bid by an Indian in the auction, level with Jaydev Unadkat. Hailing from Tamil Nadu, there would have been a temptation to play for the Chennai Super Kings, the three-time IPL champions. However, Chakaravarthy gave a surprising answer.Read More | IPL Auction: Prayas Barman, Prabhsimran Singh – the young millionaires“I am from Chennai. However, I am glad that I am going to Kings XI Punjab as I will be playing with Ravichandran Ashwin. I spoke with Ash and he was very excited. The hard work begins now,” Chakaravarthy said. The immediate aim for Chakaravarthy, though, was brushing up on his Hindi. “Konjam teriyum (I know a little)”, said the 27-year-old on his Hindi and he joked he had to take Ashwin’s help in understanding. When asked how much he knew Hindi, he replied, “Balle Balle”, which is a trademark phrase in Punjab.Chakaravarthy’s comeback is an inspiration for people who are caught in the crossroads of a career. The Tamil Nadu youngster signs off by saying, “Give it your best shot and decide whether you can do the best in what you choose. There is no specific time and place to do it,” Chakaravarthy said. After getting Rs 8.4 crore, these words are indeed significant. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps.last_img read more

UConn seeks revenge on USF

first_img Share This StoryFacebookTwitteremailPrintLinkedinRedditSouth Florida (11-15, 4-9) vs. UConn (14-12, 5-8)Harry A. Gampel Pavilion, Storrs, Connecticut; Sunday, 2 p.m. ESTBOTTOM LINE: South Florida goes for the season sweep over UConn after winning the previous matchup in Tampa. The teams last met on Jan. 4, when the Bulls outshot UConn from the field 46.2 percent to 40.7 percent and hit 11 more foul shots en route to a 15-point victory. February 21, 2020 UConn seeks revenge on USF Associated Press center_img STEPPING UP: The do-everything Christian Vital is putting up 14.8 points, 6.5 rebounds and 2.4 steals to lead the charge for the Huskies. James Bouknight has complemented Vital and is putting up 11 points per game. The Bulls have been led by Laquincy Rideau, who is averaging 12.7 points, 4.5 rebounds and 2.4 steals.LOVE FOR LAQUINCY: Rideau has connected on 25.6 percent of the 121 3-pointers he’s attempted and has made 7 of 27 over the last five games. He’s also converted 54.6 percent of his foul shots this season.SLIPPING AT 75: UConn is 0-7 this year when it allows 75 points or more and 14-5 when holding opponents to fewer than 75.STREAK STATS: UConn has won its last three home games, scoring an average of 71.3 points while giving up 65.DID YOU KNOW: The South Florida defense has forced opponents into turnovers on an impressive 24 percent of all possessions, which ranks the Bulls 16th among Division I teams. UConn has turned the ball over on 20.2 percent of its possessions (ranking the Huskies 252nd, nationally).___ For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.comlast_img read more