Mortgagee to promote failed businessman Michael Gu’s Mosman trophy house

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Mortgagee sale – 10 Superba Parade, Mosman.


The financial institution has moved in to promote the deserted Mosman trophy house of Michael Gu, the founding father of collapsed property group iProsperity, who fled Australia in July with firm money owed of about $350 million.

The failed businessman paid $10 million for his household house at 10 Superba Parade in 2017.

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The property is mortgaged to Credit Suisse, which has taken possession of the Balmoral slopes home and appointed Tim Foote, of Belle Property Mosman, to sell it.

Mr Foote told the Mosman Daily that an initial price guide of $9 million had been set for the property, but this may change after market feedback.

The property was originally bought in 2017.



There are multiple living spaces.


The property officially comes to market this week and will be open for inspection for the first time this Saturday from 9.30-10am.

The property is scheduled to go to auction on November 21, although Mr Foote is not ruling out an early sale.

“If someone was to put forward a compelling offer the bank has said they will consider it, but at this stage the plan is to go to auction,” he said.

Mr Foote is no stranger to the property – he sold it to Mr Gu three years ago. He said he did not realise how young the businessman was at the time.

“He would have been 28 when he bought it,” he said. “I had no idea he would come unstuck.”




He said he had not had any recent contact with Mr Gu, whose whereabouts is a mystery.

“I don’t assume we’ll be seeing him anytime quickly,” Mr Foote mentioned.

He mentioned he anticipated the property can be very fashionable with consumers, particularly given the latest resurgence in status gross sales and new listings within the decrease north shore space.

“It’s an absolute masterpiece,” he mentioned. “Architecturally it’s exceptionally nicely constructed and designed. I believe there will probably be a whole lot of curiosity.”

One of many many terraces.



There’s a self-contained studio on the property.


The four-bedroom house is situated in considered one of Mosman’s prime streets and has intensive Center Harbour views.

The bottom ground has a number of indoor and out of doors residing and eating areas with heated Spanish marble flooring, open plan kitchen and manicured rear backyard with plunge pool.

Different options embrace a self-contained studio, media room, double storage, rear lane entry and ducted airconditioning.

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