Brighter And some

Ex-PM could turn a profit

by Kate Watt, Marketing Manager 25 October 2018

Former Prime Minister Malcolm Turnbull and his wife Lucy are back in the country after their trip to New York and there’s plenty of speculation the couple could make a fortune if they sold their apartment in the Big Apple.

A five-bedroom multi-unit in the same building as the Turnbull’s apartment has hit the market for $22 million.

A recent story on said the newly listed apartment, several floors above the Turnbull’s, hit the market for $US15.995 million and was brokered by Sotheby’s International Realty as a “once in a century opportunity”.

According to the listing, it was “the only full floor home in the southern tower of the world renowned Century Condominium”.

The prized real estate was created by the owner buying a neighbouring apartment to make a much bigger home – exactly what the Turnbulls did five years ago.

By the end of January 2012 when Mrs Turnbull bought her first unit in The Century for US$3.275m, the Aussie dollar was averaging $US1.0625 – though the situation was reversed by mid 2013 when she bought an adjoining unit for $1.55m.

The Turnbulls, who famously retreated to the historic building after the Liberal party ditched their leader, now stand to make some serious cash should they too decide to sell. Even if they sold for exactly the price they paid, they would still make $1.265m off the first unit and $600,000 off the second unit just from currency gains alone.

But Mrs Turnbull has given no indication as yet that she intends to list the apartment and once reportedly described New York as her “second favourite city”, the first being Sydney apparently, not Canberra.

Looking to offload property like the Turnbulls? Talk to us about selling. Maybe you’d like to move up in the world. See our current listings for sale.