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Media heir Ryan Stokes sells bachelor pad he bought when he was 24

Media scion Ryan Stokes cashed in on his Walsh Bay bachelor pad on Thursday morning, securing close to $7.8 million.
Nanjing Night Net

Stokes, who was appointed chief executive of Seven Group two years ago, bought the three-bedroom spread atop the Pier Apartments development as a first-home buyer in 2000 for $2.95 million.

He extensively renovated the two-storey apartment in recent years with American oak flooring, a third-bedroom converted into a study and Ecosmart fireplaces to be regarded by some locals as one of the best offerings on the Pier.

He returned it to the market earlier this year with initial hopes of $9 million before launching a full marketing campaign with Michael Coombs, of McGrath Estate Agents, and Richard Shalhoub, of Sotheby’s International, with a most recent guide of $7.8 million.

Neither Coombs or Shalhoub would comment for this story, but their online ads were withdrawn on Thursday and a source tipped a result at close to the asking price.

Stokes bought a second apartment next in 2010 for $4.8 million amid reports he planned to amalgamate it with his bachelor pad, but he sold it two years later for $5.2 million.

Stokes and his new wife Claire are set to move to Darling Point where they bought the recently renovated Federation property Rilworth earlier this year as their matrimonial home. Their new home is set around the corner from the waterfront trophy home Glanworth long owned by his billionaire Seven West executive chairman father Kerry Stokes.

The couple married last December at Sydney’s historic Garden Island naval base, surrounded by 200 family and friends.

The protracted settlement on their Darling Point purchase means the newlyweds are not expected to take the keys until later this year, presumably about the same time they settle on the sale of the Walsh Bay apartment.

Stokes also heads up the group’s WesTrac heavy machinery business in China that was sold off last week for $540 million.

Related: Ryan Stokes buys $16m Darling Point home

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This story Administrator ready to work first appeared on Nanjing Night Net.

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