China’s shoe king takes $4 million property hit
A luxury Mosman mansion that claimed the lower north shore property record last year has just traded for $4 million less than what the owner paid for it.
The huge financial hit is a result of Pilot Energy chairman Wilson Hui Xiong Xue - the self-described "shoe king" of China selling the Golden Mile home in an off market sale for $20 million.
According to CoreLogic, this is more than 15 per cent less than the $23,733,800 that he paid for the property in February of last year from former Foxtel boss Richard Freudenstein.
Title deeds also reveal that the new owner of the landmark lower north shore home is Ying Yu, a 37-year-old from China's Fujian province and director of registered corporate entities Panda College, Join ABC Culture and Dynasty Investment.
The sale comes at a time when the lower north shore has seen a flurry activity in the prestige sector after a slow 2019.
Former Parramatta Eels chairman Max Donnelly listed his $22 million mansion in the Golden Mile last month, while a Cremorne Point home sold at auction last week for more than a $11 million.
Mr Xue has owned a number of properties in Sydney, including the iconic Warrawee home "Bremon". He has also been a member of the same Beijing lobby group operated by the Chinese Communist Party as Huang Xiangmo, the expelled political donor expelled from Australia by the federal government as an alleged 'agent of influence'.
The property briefly held the lower north shore property record after selling in 24 days in February 2018. It was knocked off top spot in July 2018 following a $25 million Golden Mile purchase by Sydney Swans Chairman Andrew Pridham.
The property has seven bedrooms on a sprawling 1650sqm block that offers postcard-like views towards Middle Head.
It has 860sqm of internal living and has features including a circular stairwell and an internal lift. There is also temperature controlled wine cellar and tasting room upon a sandstone floor.
The home also has space to park eight cars under the tennis court.
Originally published as China's shoe king takes $4 million property hit