F45 gym co-founder Adam Gilchrist sells Freshwater home to enjoy profit of $3.3m in five years

Deborah K. Vick

F45 Training Rings the Opening Bell at New York Stock Exchange

Mark Wahlberg (L) and F45 Founder and CEO Adam Gilchrist pose on the trading floor as F45 Training rings the opening bell at the New York Stock Exchange on July 15, 2021 in New York City. (Photo by Noam Galai/Getty Images for F45 Training)

F45 gym co-founder Adam Gilchrist has sold his first Freshwater property 10 days before it was due to go to auction with a sold sticker going up late Tuesday afternoon.

The three-bungalow cottage with point-blank views of the surf had an auction guide of $7.9m to $8.5m so an early sale suggests Gilchrist sold at the top end of that range.

If that is the case, he has made a tidy $3.3m in five years from his two beachside purchases – although he didn’t manage to build his dream home there.

50 Ocean View Rd, Freshwater.

The gym guru first bought in Freshwater in 2017 paying $5.4m sight unseen for 50 Ocean View Rd.

The large auction crowd was gobsmacked at the price, $1.3m above the reserve and at a time when the median house price in Freshwater was only $2,315,000.

A year later he hit the headlines again, this time paying $14m for his neighbour’s off-market house, 52 Ocean View Rd, and more than double the suburb record at the time of $5.9m.

In two years Gilchrist paid $19.4m for two side-by-side properties in Ocean View Rd but his plans for a new three-storey home with pool never came to fruition.

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The home has sold 10 days before auction.

In August he sold 52 Ocean View Rd, reportedly for $14.2m and now he has sold his first purchase, the renovated cottage next door.

Agents Michael Clarke, Cherie Humel and Mike Dunn, of Clarke & Humel couldn’t be contacted for comment the day the Ocean View Rd cottage sold but they had observed earlier that Gilchrist’s record-breaking buying had lifted the bar on prices in the coveted basin of Freshwater.

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Gilchrist sold the home next door in August.

After his plans for a dream home on the two sites was quashed.

Agents in 2018 shook their heads at the double-digit Freshwater sale saying it was an outlier price and unlikely to be matched for many years. However last year 48 Ocean View Rd sold for $11.5m, also through Clarke & Humel.

Mike Dunn said earlier in the campaign that Freshwater Basin has become its own market and buyers wait for property to list in the coveted locale and then pounce.

“The Basin is a market to itself because of the proximity to the beach and the village and the laid-back lifestyle it offers,” he said.

Buyers were very keen on the home.

It’s the ultimate summer pad.

The three-bedroom cottage at 50 Ocean View Rd on 405 sqm of level land has been renovated but there are also plans available for a Walter Barda two-storey house if the purchasers want to take advantage of it.

“The property has generated enormous interest from buyers from the upper and lower north shore, eastern suburbs and overseas,” Dunn said.

“Most of them are looking at it as a permanent home and many are interested in the potential to build their dream home on the block,” he said.

The bungalow is just 20m from the beach path, it has a north to rear aspect with entertaining deck and jacuzzi. Inside there are high ceilings, oak floors, an open-plan gas kitchen, living space with ocean views and a large dining room.

Mr Gilchrist has seemingly vanished from the public eye after shares in the embattled F45 gym franchise have plummeted and he stepped down as CEO in August.

In August Gilchrist sold 52 Ocean View Rd, reportedly for $14.2m.

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