Ex-Fletcher boss scores property win
Former Fletcher Building boss Mark Adamson has sold his home in Auckland’s eastern suburbs for $1.7 million more than he paid for it.
Marnie Adams of One Agency Luxury Property was the sole listing agent for the property in St Heliers, which she said had sold for close to $5.6m.
The money was paid in February, she said, and was settled after an offer last year. A Kiwi couple had bought it. Adamson was now living in Manhattan.
He had bought the property for around $3.8m, she said.
Auckland Council shows a current CV as $5.1m last July.
Adams said although the house sold for considerably more than Adamson had paid for it, the difference was not necessarily sheer profit.
“He spent a lot on it, putting in an outdoor cooking area,” she said, referring to an inbuilt BBQ area and outdoor fireplace.
Last August, it was revealed that Adamson was paid a $2.9m exit package when he left the company abruptly in July. Details of the payment were revealed in the annual report. Although he forfeited $8m of bonuses held in a long-term share scheme, he got $2.94m on his departure in severance and other entitlements.
Adamson left the company immediately after a second earnings downgrade at the troubled builder, materials manufacturer and supplier.