No sharing so Notting Lane, Cottage Point set for March 28 auction
Sydney entrepreneur Drew Muirhead is now selling his unsold five-bedroom Cottage Point waterfront on Sydney's Pittwater in one line, as plans to secure 12 takers each with a share, didn't get anywhere.
It had been given a nominal $7.8 million value on its 2012 marketing with each portion listed in $650,000 part ownership shares.
Fractional ownership is a model used in the US and Europe.
The expectations are now around $4 million.
It wasn't for want of space as its possibly the biggest house within one of Sydney's smallest suburbs, Cottage Point, complete with infinity-edge pool, spa, jetty and pontoon.
Designed by architect Richard Cole, it has water views from every room with its pitched ceiling expanding the view to include the bushland behind.
The five-bedroom home, featured on Grand Designs Australia in 2010, has been rented out for $20,000 a week in the peak season.
The top Cottage Point sale was $6.45 million in 2008.
Muirhead was offering the property under a co-ownership agreement drawn up by PodProperty chief executive Jeremy Levitt, who says the method has become more popular especially for holiday homes.
It was intended the co-owners would have a deeded share of the title of the bricks and mortar and could use their share for their own holiday stay, or rent out their time.
