Billionaire sex toy magnate reshuffles his investment property portfolio
Billionaire sex toy magnate Peter Tseng has been busy reshuffling his property portfolio as he quietly offloads three investments over the bridge.
But the sales, totalling more than $4.9 million so far, are small change for a man with a high-end taste for vino with a $60 million wine cellar and previous property sales that have netted millions.
Billionair sex toy magnate and wine collector Peter Tseng has been busy selling off some of his investment properties this year.Credit:
He listed three properties, two units in McMahons Point and a Chatswood house, but only two have sold so far.
A two-bedder on Blues Point Road, McMahons Point sold last Saturday post-auction above its $1 million to $1.1 million guide to a local owner-occupier. The home was sold through Craig Litchfield of McMahons Point Real Estate who declined to comment. Tseng picked it up for $830,000 in 2014 through the K Sun investment vehicle, of which he is a director, records show.
A day later, a four-bedroom house in Chatswood, guided at $3.8 million, also sold post-auction above the guide, through Tony Walker of Shead Property who was unavailable to comment. While the price remains withheld until settlement, it fetched more than the $2.7 million that Tseng paid in 2015.
He’s yet to sell his one-bedder further along Blues Point Road, on the market with a guide of $1.6 million to $1.7 million also through Litchfield.
The McMahons Point apartment that is still on the market is guided at $1.6 million to $1.7 million.Credit:
Tseng bought the top floor unit in 2020 for $1.56 million.
He began reducing his once 15-strong portfolio last year when he sold his three-bedroom apartment at the end of The Pier at Walsh Bay. That sold for $11.4 million in October after he paid $4.8 million for it in 2003. He also sold his former Seaforth waterfront home in 2021 for $6.5 million.
Vaucluse upgrade
Meanwhile, property investor Hoang Trang Do has spent a small fortune upgrading from Vaucluse to Point Piper this week in one of the few trophy-home sales as the rest of the market seems to be in Europe.
Do, who owns QTKT property investment company, has offloaded his five-bedroom, four-bathroom house in Vaucluse in an off-market sale just shy of $38 million.
He has done well considering the property has more than doubled since he bought for $16 million in 2018 from jewellery maker Roderick Morton. It is thought to have sold to an Australian buyer who was represented by buyers’ agent Simon Cohen of Cohen Handler who was unavailable to comment.
The property, which has one of the best vantage points in Vaucluse of the harbour, was sold through Black Diamondz’ Jad Khattar and Monika Tu – the same team who sold Do his $60 million Point Piper upgrade on behalf of Sydney FC owner Scott Barlow.
Vaucluse scored another trophy home sale this week when Susan Balagiannis of the Reserve Hotels family sold for just over $36 million, against a $30 million guide, after the home passed in at auction.
The hotelier family fetched more $6 million above the price guide for their Vaucluse home.Credit:
The family paid $3.21 million for it almost three decades ago.
Mosman auction action
In Mosman, prominent racehorse owner and breeder Peter Horwitz has sold his three-level trophy home on Balmoral slopes for more than its $12 million auction guide.
Horwitz’s three-level Mosman home sold under the hammer for more than its $12 million guide.Credit:
The four-bedroom, four-bathroom house, with views of Sydney Heads, was bought for $8.2 million in 2017 from former Netscape Australasia head-turned-yoga devotee Clive Mayhew-Begg and his wife Eriko Kinoshita.
Qantas chief Alan Joyce and husband Shane Lloyd are sticking to the high-rise life at The Rocks.Credit: Steve Christo
It comes as the Mosman trophy home of outgoing Qantas boss Alan Joyce and his husband Shane Lloyd hit the market this week with a guide of $20 million, a little over a year after they bought it for $19 million, and before they ever had a chance to move in.
The couple expanded their current residence where they purchased the next door apartment in the Harry Seidler-designed Cove Apartments building at The Rocks, rendering the waterfront house redundant.