Outsider is not worried for AMP’s Francesco de Ferrari even though he may be out of job, having recently exited his role as chief executive to make way for ANZ’s Alexis George, as it seems his property portfolio is still booming.
Like many Australians lucky enough to own a house in a booming property market, De Ferrari is reaping the rewards of rising house prices.
Having previously lived in Switzerland and Singapore before moving to Sydney in 2018, De Ferrari is no doubt used to expensive property prices and has been putting that experience to good use with his Eastern suburbs purchase.
The Woollahra mansion, which he bought with wife Elisabetta De Ferrari-Wicki a year ago for $7.5 million, has almost doubled in value to $13 million. The couple also completed an extensive renovation at a cost of $650,000.
However, neither De Ferrari nor real estate firm Richardson and Wrench commented on whether the property was actually up for sale.
Outsider wonders if, given those AMP shares in his contract have been steadily falling, De Ferrari needs to hold onto what assets he has left.
For what it’s worth, Outsider is more than happy with his humble red brick home that he and Mrs O have occupied for over 30 years.