Magellan’s Hamish Douglass sells family’s $30m Double Bay estate

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Magellan’s Hamish Douglass sells family’s $30m Double Bay estate

By Lucy Macken

Hamish Douglass no longer ranks among Sydney’s billionaire class since stepping down from Magellan in February, but his coffers did well from the property market on Thursday evening when he and his sister Sybella Morris sold their long-held family home in Double Bay.

There had been a $30 million guide for the 2300 square metre property when it hit the market less than two weeks ago through Ray White Double Bay’s Elliott Placks, and sources have suggested it sold for almost that figure.

The grand Double Bay home of Hamish Douglass and Sybella Morris sold on Thursday night.

The grand Double Bay home of Hamish Douglass and Sybella Morris sold on Thursday night.

The Douglass family have owned the grand six-bedroom residence since 1967 when Douglass and Morris’ father, the late arts patron and racehorse owner Gordon Douglass, bought it for $74,000.

It was listed after the death of their mother Jane last July.

Jane and Gordon were great advocates of the live arts, dance and ballet in particular, and were instrumental in the production of the film of Don Quixote in July 1973. Its world premiere was the first event in the Sydney Opera House.

Magellan’s rock star funds manager Hamish Douglass before his resignation earlier this year.

Magellan’s rock star funds manager Hamish Douglass before his resignation earlier this year.Credit:

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Douglass and Morris, a jewellery designer, grew up at the family’s grand estate, set on the Woollahra border.

Douglass, who co-founded the global equities house Magellan Financial Group in 2007, resigned as chairman of the board in March given an indefinite period of medical leave and his divorce.

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The company’s share price hit a peak in February 2020 of $65.48 a share, but has stumbled since then to $14.92 on Thursday.

Given the falling share price, Douglass fell off the AFR Rich List 200 when it was released last week, down from his estimated worth of $1.23 billion in last year’s list.

Meanwhile, Morris bought the Alex Popov-designed residence The Hutt at Whale Beach for about $10.5 million in 2020.

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