BetMakers' Nick Chan cashes in his Mosman chips with $5 million house sale

BetMakers chairman Nick Chan has cashed in on his Mosman property holdings, having sold his home for about $5 million.

Chan had only recently been appointed chief executive of Bauer Media when he bought the Federation residence with a contemporary rear extension two years ago, for $4.6 million from Moelis managing director John Garrett.

Chan left Bauer suddenly a year later, but remains chair of the fantasy sports and wagering company BetMakers (formerly known as TopBetta).

Chan and his wife, Peggy, were Roseville locals before they moved to Mosman, pocketing $5.23 million from their former home before its scheduled auction.

The couple’s long-held Roseville property was purchased for $1.7 million at the time of another career high in 1999, when he was chief operating officer at Kerry Packer’s ACP Magazines, acquired by Bauer Media in 2012.

David Murphy, of his eponymous agency, listed the five-bedroom, three-bathroom house on Mosman’s Spencer Road two weeks ago with a guide of $4.8 million to $5.2 million.

Murphy was yet to respond to calls at the time of publication and local sources put the result at the top end of the guide.  Settlement will reveal the result.

Mosman’s high-end market has done well this year. The suburb record has been smashed twice, most recently by the $25 million sale of the property Hopetoun to another Moelis executive, Andrew Pridham, the chief executive of the investment bank and chairman of the Sydney Swans.

That high topped the $23.7 million sale in February when former Foxtel chief executive Richard Freudenstein and his wife Jane sold their Burran Avenue mansion to the “shoe king” of China  Wilson Hui Xiong Xue.

Meanwhile, the waterfront residence owned by Monaco-based  Barbara Contini, wife of Monte Carlo financier Henrik Stigell, also sold ahead of the long weekend.

Previously owned by retired shipping executive Egil Paulsen and his art collector wife, Lisa, it was sold to a trust company on behalf of the Europe-based owners four years ago for $15.6 million.

Mark Manners and Richard Simeon, of Simeon Manners, had $20 million hopes on the Tony Littlemore-designed residence when it was listed in August.

The sale price remains undisclosed.