David Gyngell and Leila McKinnon score $1m gain on sale of Bondi Beach investment

Former Nine boss David Gyngell and his wife, Nine presenter Leila McKinnon, have cashed in on their Bondi Beach investment apartment, selling it for $2.75 million.

The result is a gain of more than $1 million on their purchase price of 2017, when the couple outbid five other parties to buy the three-bedder under the hammer for $1.675 million.

The high-profile television industry couple are based in Byron Bay, where they moved after Gyngell resigned from the top job at Nine in 2015 and following the sale of his long-time Dover Heights home in 2018 for $8.4 million.

In November last year, they upgraded their Sydney investment holding, buying a three-bedroom apartment in Bellevue Hill for $4.5 million.

The sale of the Bondi Beach pad, listed recently through Richardson & Wrench’s Jason Boon, ends Gyngell’s decades-long association with the iconic beach where he started out selling beachwear and surfing equipment in the late 1980s.

The Bondi Beach pad is one of seven in an art deco block that, for four generations, was owned by the Pryor family before Gyngell and McKinnon purchased it in a company name.

Until recently it was leased for $1300 a week and had been renovated ahead of the marketing campaign.

Mr Boon declined to comment on the sale but a source said there were a handful of parties vying for the property at the Wednesday evening auction, pushing it well above what was assumed to be a $2.5 million reserve.