Kiwi property developer Chris Meehan treated himself to a one-of-a-kind beach house this year - but he won't be able to set foot in it for some time.
The CEO of the Winton property group snapped up a trophy home in Sydney's Palm Beach for A$18.7 million (NZ$19.4m), sight unseen.
Australian real estate site Domain.com.au reported that Meehan bought the seven-bedroom Spanish-style house from Australian brother and sister "jet setters" Francesco and Gayle Boglione.
Known locally as Gaelforce, the property is thought to be one of Sydney's best homes and features stunning views of the water, a swimming pool, jetty and slipway.
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The Bogliones bought the home back in 2006 for almost A$5.5 million, so the lockdown sale hands them a profit, on paper at least, of just over A$13m.
Chris Meehan on board his yacht Belle in 2005. Photo / Getty Images
Crown Princess Mary on the same yacht during a return visit to Australia. Photo / Getty Image
Domain reported that Meehan had been absent from Sydney's real estate scene for 15 years, noting that he pocketed A$4 million for his house in Darling Point in 2006.
Meehan is known in Australian real estate circles as the founder of Belle Property, one of the country's leading real estate franchises. He is also a close friend of Australian-born Crown Princess Mary of Denmark.
Princess Mary worked with Meehan at Belle Property when she was Mary Donaldson and before she married Prince Frederik.
