Sunday, July 17, 2011
Ciel Penthouse Loss
Tom Dooley develops expensive apartment complexes. One was Ciel, in New Farm. Completed in 2007, the penthouse sold off the plan for $4.6 million. It was recently re-sold for $3.15 million, a loss of $1.5 million (not including agent's fees and stamp duty and holding costs). That is a huge loss. I bet Tom Dooley made a good profit when he sold it off-the-plan.