Rabbitohs chairman Nick Pappas secures The Rocks harbourside unit
South Sydney Rabbitohs chairman Nick Pappas and lawyer wife Helene appear set to downsize from their long-time Rose Bay home.
The company director, who is chairman of the Bank of Sydney, has secured an apartment in the Harry Seidler-designed Cove Apartments in The Rocks.
He’s paid $3.8 million for the north-west corner apartment with 270 degree views across the Sydney Harbour, including the Bridge to the Opera House.
The 140sqm unit with three bedrooms, two bathrooms and two balconies first sold in 2000 at $1.5 million.
It had been a $1700 a week rental.
It is one of just two sales in the 220 unit complex so far this year.
The family have been Rose Bay based for 12 years though recently seeking tenants at a $3950 a week asking rental.
The Rose Bay home cost $3.6 million in 2006.
It has six bedrooms, five bathrooms and a cinema room.
Pappas was the Rabbitohs chairman from 2003 to 2006 before being replaced after the privatisation bid of actor Russell Crowe and businessman Peter Holmes a Court.
Pappas was restored to the chairman’s position after the departure of Holmes a Court in 2008 and has been in the seat ever since.
This article was first published in the Sunday Telegraph.
