Ben Collier, Ian Ball, Toni Collette, Susan Kelly, David Galafassi...more, Susie Kelly, David Anthony Galafassi, Anthony Gill
Toni Collette faces a Supreme Court non-performance claim for the $850,000 difference on abandoned Paddington purchase
The Paddington terrace over which Academy Award-nominated actor Toni Collette and her musician husband, David Galafassi, face property settlement legal proceedings has been resold for about $5.5 million.
So the entertainment industry couple now know the $850,000 quantum of the claim against them, having been sued over their alleged failure to settle on their once intended $6.35 million purchase.
The next directions hearing before the equity registrar into the contested matter is scheduled for the NSW Supreme Court next week. The initial directions hearing into the matter was in mid-March.
It is not yet known what legal defence the couple can or can't mount to justify their alleged contractual non-performance.
The new owner of the Paddington terrace is Ian Ball, the Ernst and Young accountant and chief executive officer of the International Federation of Accountants.
Collette is currently appearing in the Can/Can't advertising campaign for the Commonwealth Bank.
It was last October when the entertainment industry couple acted on their property upgrade desire, after ascertaining the renovation costs on their Bronte house didn't justify the location.
They instead signed a contract to reputedly buy a double-fronted Paddington terrace from Susie Kelly, the co-founder and owner of Industrie clothing with her husband, Nick, for a rumoured very bullish $6.35 million, a record for the southern side of Oxford Street.
After finding a buyer of their redundant unrenovated Bronte house proved even more difficult than anticipated, Collette and Galafassi are accused of changing their mind on the Paddington purchase instead buying again at Bronte for $5.5 million, with NAB funding, from the eventual buyer of their own $3.5 million Bronte house.
Their property predicament even spread to Hollywood, as the couple recently accepted an undisclosed offer on their Los Angeles pied a terre, which they bought in late 2010 for $1.33 million. They had been asking $1.325,000 for it.
The Paddington terrace house was sold again through McGrath agent Ben Collier in a deteriorating prestige market.
Designed by architect Anthony Gill and completed in 2009, the five-bedroom, four-bathroom house on a 360-square-metre block sold for a record for the southern side of Oxford Street, Paddington.
Consisting of two classic Victorian terraces combined into a palatial single residence, the contemporary tri-level family retreat had been reinvented after the merger of two terraces costing $2.15 million in 2003 and $1.865 million in 2005.
Their 1885 Bronte weatherboard cottage that cost $4.4 million in mid-2009 sold for $3.5 million through its McGrath Estate Agents listing agent Bethwyn Richards.
Property lawyers say the Supreme Court could find the Paddington contract binding and the entertainment industry couple could be forced to pay the shortfall, plus costs.
The best of everything at Portside Wharf
The Mark at Sydney's Central Park
Meanwhile, Mike Quigley, boss of the federal government's National Broadband Network, has also sold his Mosman mansion recently at $3,555,000. It represented a loss on the $3.6 million paid in 2007.