28 Fairfax Road, Mosman

Missing businessman’s Mosman home sells for $10.52m

PHOTO: 28 Fairfax Road, Mosman, recorded one of the biggest auction results at the weekend.

A Mosman home that had been owned by missing iProsperity businessman Harry Zhou Xiang Huang sold on Saturday for $10.52 million, recording one of the biggest auction results for the weekend.

Disgruntled creditors had forced the sale of the four-bedroom home at 28 Fairfax Road after Huang and his associate and iProsperity founder Michael Menghong Gu fled the country last year.

They left behind debts believed to be as much as $350 million after iProsperity collapsed.

The business had been part of the federal government’s Significant Investor Visa program in which wealthy foreigners were granted fast-tracked residency visas.

28 Fairfax Road Mosman
Inside 28 Fairfax Road, Mosman, which sold at the weekend for $10.52 million.

The Fairfax Road property, which was snapped up by Huang in 2017 for $11.4 million, had three registered bidders, all local families, fight it out for the keys.