Owning a Bentley not normal — tycoon

A PROPERTY tycoon who caused outrage in Australia for claiming young people could not buy homes because they wasted money on “smashed avocado” has defended his comments.

Tim Gurner, 35, whose property portfolio is worth £1.6-billion (about R27-billion), said he had to work 17 hours a day to pay off his first loan.

He was criticised for his “avocado economics” after it was pointed out that saving on cafe breakfasts would hardly enable young people to afford Australia’s property prices. The average in Sydney is about £670 000, up 50% in the past four years.

“When I was buying my first home, I wasn’t buying smashed avocado for 19 bucks and four coffees at $4 each,” Gurner had told Channel Nine’s 60 Minutes. “This generation is watching the Kardashians and thinking that’s normal. Thinking that owning a Bentley is normal.”

Critics were quick to point out that Gurner, Australia’s 157th-richest person, had used a £20 000 gift from his grandfather for his early business ventures. But Gurner later stood by his claim, outlining the sacrifices he made to achieve his wealth.

“I spent every night on my hands and knees sanding back the floors, painting, renovating and working on the house,” he told news.com.au.

Describing a later loan which he used to buy and renovate a gym, he said he worked from 6am to 11pm on it. — © The Daily Telegraph, London