ANZ expat banker Eddie Listorti takes golden opportunity to snap up lower dollar Palm Beach holiday home

Those expatriates are beginning to capitalise on the lower Australian dollar, especially when they are experts in the currency rollercoaster.

ANZ Singapore based Eddie Listorti heads the renewed return spending $6.55 million at Palm Beach, for a Sydney northern beaches holiday home.

Designed by architect Michael Fountain, the three level house comes with 18 metre infinity pool with a floating observation terrace. Positioned on the beach side of Northview Road, with views that span the length of Palm Beach - north to the Lighthouse, south to the rock pool - it was sold by the Doughman family through LJ Hooker Palm Beach agents David Edwards and Amethyst McKee.

It was listed at $7.25 million last October.

In 2010 Eddie Listorti, former global head of fixed income, currencies and commodities at Dresdner Kleinwort, took the job as head foreign exchange and commodities at ANZ. His title is now ANZ's co-head of fixed income, currencies and commodities.

In 2010 he spent $6.5 million on a Mosman home,  Melleray, the Federation home situated on a 1,975 square metre block a few minutes from Mosman village.

Back in 2008 Eddie Listorti, then the head of fixed income currency and commodities capital markets with Dresdner Kleinwort Bank in London, and his wife, Melanie, had their Bayview property for sale. More than $4.2 million had been expected for the 4,047 square metre property with views over Pittwater's Salt Pan Cove which sold at $2.82 million in 2009. 

His current job includes presiding over vast gold reserves in Singapore where the ANZ has a vault given demand from investors for gold bars, rather than exposure via goldmining stocks or exchange-traded funds.

ANZ has its 50-tonne vault at the FreePort facility adjacent to the city's Changi Airport. It is a major player handling about 15% of the globe's production.

It sells the bullion solely to central banks, sovereign wealth funds and other banks with demand from investors seeking diversification into physical assets on fears amid the various economic crisises of late.

"Asians like to walk in and actually see the gold they own," he told News Ltd papers last year. 

Listorti reports to former Dresdner colleague, Steve Bellotti, who took up the post of managing director global markets at ANZ also in 2010. He too owns at Mosman and Palm Beach.

Bellotti was previously global head of capital markets at the German dealer in London and has also held senior executive positions at Merrill Lynch in London, New York, Sydney, Hong Kong and Singapore.

The past few prestige sales at Palm Beach have been also to locals highlighted midlast year when Mike Cannon-Brookes,  the co-founder and CEO of Atlassian Software Systems,  spent $8.7 million to buy on Pittwater at Palm Beach.

The Barrenjoey Road property last traded at $10 million in April 2010 when bought by retired Sydney-to-Hobart veteran skipper Neville Crichton.

It had been the $10 million home of the retired grocer John David and his wife, Patti who had the Walter Barda-designed house built on the shores of Snapperman Beach after the 1,094 square metre block was bought for $975,000 in 1993.

Just a few doors away on Snapperman Beach property developer Denis O'Neil has sold his Walter Barda-designed house with an Iluka Road address to the Scali retailng family.

It's a slow road back for any coastal price recovery as the desire for debt from second home ownership is still impacted by the global financial crisis fallout. And even more so in locations like Palm Beach where land tax is a serious consideration.

news@propertyobserver.com.au

                 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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