Jonathan Chancellor | 20 November 2012

Bankrupted Macquarie stockbroker's Mona Vale mortgagee sale

Bankrupted Macquarie stockbroker's Mona Vale mortgagee sale

Mortgagees secured $2.32 million when they sold a Mona Vale investment property of Michael Coombes, a bankrupted stockbroker with Macquarie Group.

The Hillcrest Avenue house with views over Bungan Beach had cost $2.7 million in 2007.

It was sold by the National Australia Bank, which held the mortgage on a Mona Vale ocean-front property.

It sold through LJ Hooker Mona Vale Josephine Cowling with three bidders at the recent auction.

It's an 885-square-metre block with title to the high-water mark.

The four-bedroom house had been on the market since June, when it was listed with another agent for more than $2.3 million.

Another neighbouring property, which Coombes bought for $2.56 million in 2005, sold recently for $2.05 million through McGrath Collaroy. It had been initially listed in mid-2010 with $2.95 million hopes.

Michael Coombes, who was bankrupted in October 2011, appeared in the Mayne Report 2010 Rich List, with a bizarre reference to "the divisional director at Macquarie Group who owns 18% of the oceanfront land on Mona Vale headland in Sydney," along with investment properties in Japan.

Coombes and his wife, Sandra, co-own an adjacent house bought for $84,000 in 1980. It was listed with $4.3 million hopes in 2010, but has not been for sale since November 2011, and by which time the asking price had slipped to mid-$3 million.

Having bought on either side of the long standing abode, Michael Coombes briefly enjoyed ownership of a 2,630-square-metre compound style holding.   

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