Blue Sky founder Mark Sowerby’s $9.15m beachfront splurge

AN oceanfront former prize home in Palm Beach was snapped up for $9.15m by the founder of failed fund manager, Blue Sky Alternative Investments, in a hushed off-market deal.

Blue Sky founder and former managing director Mark Sowerby and his wife Heidi settled on the luxury four-level home at 139 Jefferson Lne after selling their Hamptons-style showstopper at Burleigh Heads for $9.7m at auction in September.

Property records show the five-bedroom, four-bathroom Palm Beach house on a 445sq m lot fronting the sand was owned by Andrew Fahey, co-founder of online bookmaker PointsBet, and his wife Katrina Luland.

It was the major prize of an RSL Art Union draw in 2020, with the winner selling to Mr Fahey for $5.6m within 24 hours of listing in October the same year.

Records show it changed hands again in June 2022, with the deal settled in December.

The transaction was handled by Troy Dowker, of Kollosche.

Mr Dowker declined to comment on the sale to Mr Sowerby, who spent a decade at the helm of the former sharemarket darling Blue Sky before his retirement in 2016.

The Palm Beach home with views along the coastline north to Surfers Paradise was styled by renowned interior designer Anna Spiro, according to its previous sale listing.

The four-storey property was a former prize home

“For turn-key and brand new, you can’t go past this modern Palm Beach marvel situated on absolute beachfront,” the 2020 listing said.

“It’s brimming with colour and pizzazz, where every room leaves a lasting impression.”

The Sowerbys built a luxury home over two levels on a 1285sq m waterfront block at 10-12 Elanora Rd, Burleigh Heads in 2017.

The dream home, located by picturesque Tallebudgera Creek in the popular community of Koala Park, went to a local buyer at last year’s hotly contested auction.

The Burleigh Heads home the Sowerbys built in 2017

Mr Sowerby founded Blue Sky in 2006 and built the business into an ASX-listed company valued at more than $1 billion at its peak. He was also appointed Qld’s first chief entrepreneur in 2016.

Blue Sky went intro administration in 2019 following reports the company had overstated its financial position, and Mr Sowerby was named as a defendant in a Federal Court class action against the company, its directors, auditors, and accounting firm, EY, in 2022.

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