Singleton’s price revealed for East Gosford’s Elanora Hotel
After two months of speculation, CoreLogic records have revealed that John Singleton and his company Bonython paid a combined sum of $12.02 million for East Gosford’s Elanora Hotel and surrounding streets.
Property data shows that transactions for the multimillion-dollar purchase were split, with the pub itself selling for $6 million, and the surrounding property on Victoria St, Brougham St and Adelaide St adding up to $6.02 million.
The advertising tycoon now owns a combined 777sqm of prime Central Coast real estate.
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Rumours of the sale price were much higher, with multiple publications quoting a sale price of around $25 million.
However the savvy entrepreneur and his team at Bonython managed to negotiate a killer off-market deal with the Cusick family, who owned the successful establishment for more than 50 years.
“It’s a family owned bar. We have had our eye on it for a while and thought we’d buy it if it ever came up…it’s a bloody good pub,” Singo told the Express Advocate in April.
Licensee Damien Cusick, whose father Malcolm Cusick bought the hotel almost 51 years ago, will stay on in his current role at the venue.
Comparative pub sales include Terrigal Pub, which sold in 2017 for $19.6 million and The Sunken Monkey at Erina, which sold last year for $10.6 million.
Singo may soon have even more money to invest in the Central Coast after Nine Entertainment recently made its move to buy the remainder of Macquarie Media for $113.9 million.
The high profile entrepreneur owns 32% of the ASX-listed radio company that is home to 2GB controversial broadcasters Alan Jones and Ray Hadley.
This article from the Central Coast Express Advocate originally appeared as “John Singleton’s purchase price of East Gosford’s Elanora Hotel revealed”.