Ex-Parramatta Eels chief Paul Osborne incurs 40% loss on Byron Bay investment
The former Parramatta Eels chief executive Paul Osborne offloaded his Byron Bay property investment for $1.14 million at its weekend auction.
Highlighting the perils of quick sale turnarounds in already negative markets, the price reflected a 40% decline in 16 months.
His foray into the northern NSW town cost $1.9 million in January 2011, with the property having previously sold at $1,475,000 in 2007.
It failed to sell at its December 2011 auction, when Osborne had $1,499,000 hopes, and was subsequently listed at $1.395 million
It was last October when Osborne's stressed financial situation was made public by SMH investigative reporter Kate McClymont after leaks that the Kenthurst-based Osborne had borrowed money from the Parramatta chairman Roy Spagnolo.
The then chief executive was on a salary rumoured to be $270,000.
The Massinger Street, Byron Bay property sold through Ray White Byron Bay agent Brett Connable who had advised his extensive email list that the offering would be definitely sold at the weekend auction.
Set opposite the Top Shop Cafe in Massinger Street, it comes with ocean views to the north over Byron Bay. It has three upstairs bedrooms plus downstairs is a one-bedroom guest quarter.
Throughout April, some 18 properties were sold in the Greater Byron region with 30% through Ray White.
