George Calombaris and his wife, Natalie Tricarico, have sold their Melbourne mansion for almost double what they paid for it in 2013.
The couple, who purchased the five-bedroom Toorak property for $4.75million, listed it for sale in February 2020 as George’s hospitality empire teetered on the brink of collapse.
The house had an estimated value range of between $3.85million and $6.63million, but sold for $8.8 million.
Tidy profit: George Calombaris (pictured at the G’Day USA Gala in LA in January 2019) and his wife, Natalie Tricarico, have sold their Melbourne mansion for almost double what they paid for it in 2013
The property boasts four bathrooms, a lift and a five-car garage, plus a recently constructed gym.
The buyer is listed as Chinese-born CHZH Finance Pty Ltd and CHZH Investment Pty Ltd corporate entities director Ka Ning Cheung, 35, according to domain.com.au.
Ross Savas from Kay & Burton was the agent who sold the property, and declined to comment.
The mansion was placed on the market in 2020, two weeks after George sold his four-bedroom Safety Beach holiday house for $1.01million.
Details: George and his wife purchased the five-bedroom Toorak property for $4.75million, and listed it for sale in February 2020 as George’s hospitality empire teetered on the brink of collapse
Higher than expected: The house had an estimated value range of between $3.85million and $6.63million, but sold for $8.8 million
Gorgeous: The property boasts four bathrooms, a lift and a five-car garage, plus a recently constructed gym
This comes after the celebrity chef waved goodbye to his career with the sale of his last food business.
In July, he sold the up-market Yo Chi frozen yoghurt chain he owned with former Swisse vitamins boss, Radek Sali.
The new owners were the sons of Boost Juice founder Janine Allis – Oliver Allis, 23, and Riley Allis, 20.
Sold: The buyer is listed as Chinese-born CHZH Finance Pty Ltd and CHZH Investment Pty Ltd corporate entities director Ka Ning Cheung, 35, according to domain.com.au
The sale signals the full collapse of his restaurant empire, which was made up of 18 venues across Melbourne including the Press Club, Gazi and Hellenic Republic.
Proceeds from the sale reportedly went straight to the Commonwealth Bank which is owed $8.5million after the collapse of the restaurant empire, The Age reported.
Calombaris’ MAdE Establishments business spectacularly folded in February with just $389 in the bank and owing staff $1.2million in wages and entitlements.
Selling up: The mansion was placed on the market in 2020, two weeks after George sold his four-bedroom Safety Beach holiday house for $1.01million. Pictured, George and wife Natalie Tricarico at a launch in Melbourne in February 2017
Last year, he made headlines after he was found to have underpaid his restaurant staff by nearly $8 million.
The former TV star was fined $2000,000 for underplaying 515 staff between 2011 and 2017 and will have his business audited for the next three years.
He was also axed alongside veteran MasterChef co-judges Gary Mehigan and Matt Preston amid the controversy.
‘Despite months of negotiations, Ten has not been able to reach a commercial agreement that was satisfactory to Matt, Gary and George,’ Ten’s CEO Paul Anderson said in a statement in July 2019.
Controversial: In 2018, George (centre) made headlines after he was found to have underpaid his restaurant staff by nearly $8million. Pictured with former MasterChef co-stars Gary Mehigan (left) and Matt Preston (right)