Belongil Beach, Byron Bay, sale secures $1.25 million for Lacey mortgagees
Receivers have sold the Belongil Beach, Byron Bay, retreat of the former milk magnate Ken Lacey and his wife, Madeleine, for $1.25 million.
It sold at Ray White auction.
It was in 2008 when the retired Potts Point stockbroker Chris Trumbull and his wife, Paddy, sold their Border Street, Belongil Beach, retreat for $3.6 million to the Lacey couple.
The Trumbulls had paid $3 million in 2005 for the 683-square-metre beachfront holding.
The marketing ads by Ray White agent Lloyd Lawton say the beach house may be subject to an upgrading or demolition order.
The Laceys had the property listed originally at $5.75 million, then for sale at $4.9 million in 2010.
During their ownership its value fell at an annual rate of 16%.
Lacey won Melbourne's milk distribution turf wars in the 1980s before heading north to the Gold Coast.
They hit the headlines when their imposing house on the Gold Coast's millionaires' row, Hedges Avenue, sold for $17 million in 2006, reportedly as the family were off to the United States to oversee the career of their aspiring rap-singer son, Jade, aka Lace Italiano.
