The picturesque Sydney beachside manor owned by F45 co-founder Adam Gilchrist is set to go under the hammer after the Australian fitness giant’s stunning downfall.
Mr Gilchrist (not the cricketer), who stepped down as F45’s chief executive last week amid stock plunges and company-wide lay-offs, is selling his “beachfront trophy home” at Freshwater on Sydney’s northern beaches.
The home, 52 Ocean View Rd, grew into infamy in 2018 when Mr Gilchrist and his wife Eli bought the property for a whopping $14m due to a minor neighborly dispute.
The couple had purchased a three-bedroom cottage on 50 Ocean View Rd for $5.4m in 2017 and planned to spend $2.5m to develop the property.
But neighbors complained it would not comply with building height or boundary controls, which led to Mr Gilchrist taking the extraordinary step of withdrawing his proposal and setting the matter by buying his neighbour’s bigger home for the obscene amount.
The $14m price was a record for the Freshwater suburb, with agents considering 52 Ocean View Rd’s mammoth coming out an outlier price.
But the three-storey home is again on the market, with real estate agents billing it as “unquestionably one of the finest homes and locations in Sydney”.
“Cutting-edge architectural design and an unsurpassed beachfront setting combine in this state-of-the-art luxury residence to deliver the ultimate designer beach house,” a description of the home reads.
“Set to a picture-perfect backdrop that sweeps over the surf to the ocean’s horizon and North Head, the tri-level residence showcases living spaces and lift access to all three levels and has been appointed and furnished with every conceivable luxury.”
The home’s features include five bedrooms, three bathrooms and giant retractable windows in the dining room.
Mr Gilchrist suddenly announced last week that he was stepping down as F45’s chief executive after co-founding the business with Rob Deutsch back in 2013.
The company also revealed it would be laying off 110 staff and cuttings its operational expenses, which caused its stock price to fall by more than 60 per cent.
F45 hoped that by reducing its corporate workforce by 45 per cent it could return to a positive cash flow.
Mr Gilchrist said he would be “forever grateful” as he exited the company.
“To the staff that have worked tirelessly since our inception, you have been incredible in your efforts, and I thank you for all of your support,” Mr Gilchrist said in a statement.
“To the investors that have joined us along our journey, I thank you for your commitment to F45.
“Lastly, I am forever grateful to our franchisees who deliver the world’s best workout each day to F45 members around the world.”
Mr Deutsch, who stepped down as chief executive and sold his shares in the company in 2020, said there were “enormous issues needing fixing”.
“Never in my wildest dreams could I have imagined this,” he wrote on Instagram.
“When I exited, and sold out of F45, I left a healthy, phenomenal, beast of a business. All the way from the company culture to the heart beat of the business… the workouts. F45 was special.
“I genuinely hope all of the 110 laid-off staff, find happiness and opportunities elsewhere.”
F45 was a global fitness powerhouse before its stock shock last week, with more than 1500 studios in 45 countries and Hollywood superstar Mark Wahlberg among its investors.
Mr Gilchrist made $500m overnight when the company went public on the New York Stock Exchange in July last year.
His northern Sydney home will be up for auction on August 27.