Fourteen Years And A Demolition Later, Greg Norman Lists Jupiter Island Home For US$59.9 Million
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Fourteen Years And A Demolition Later, Greg Norman Lists Jupiter Island Home For US$59.9 Million

After years of trying to sell the Florida property, the golf legend bulldozed the original home and built a 2970sqm compound in its place

By Katherine Clarke
Fri, Jan 29, 2021 4:51amGrey Clock 4 min

Over a period of 14 years, golf legend Greg Norman has listed his home, reduced the price of his home, demolished his home and then replaced it with a large family compound filled with every bell and whistle he could think of.

Now he and his wife Kiki Norman have decided to sell, and are listing the customized compound for $59.9 million.

Named Tranquility, the 10-bedroom estate is over 8 acres and has nearly 2970sqm of living space, including the main house, a carriage house, a pool house, a guesthouse and a boathouse, according to the listing.

The home, completed last summer, has sprawling entertainment spaces, a bar, a trophy room and gallery, a large family room, an outdoor terrace, two offices, a luggage room and even a room for accessories like handbags, scarves and costume jewellery. There is also a more than 465sqm basement entertainment suite with a game room, a movie theatre and two 1900-bottle wine cellars.

Greg Norman's Jupiter Island
Photo: Robert Stevens.

“We’re on an island with hundreds of coconut trees, so it was very natural to build a coastal tropical beach house,” said Ms Norman, 52. “My goal was to make the house feel like we were on permanent vacation.”

Many of the home’s interior-design details were inspired by yachts, Ms Norman said, including a pair of navy banquettes in the kitchen custom designed to accommodate all the couple’s grandchildren. She said she also drew inspiration from the couple’s travels to places like St. Barts, the Bahamas, Jamaica and Australia, resulting in the incorporation of lacquered teak and high-gloss mahogany into the finishes.

The property is geared to the couple’s outdoor lifestyle, with a tennis pavilion and a gym. The construction of a pool house with an open terrace and two pools turned out to be a bonus amid the Covid-19 lockdowns.

Greg Norman's Jupiter Island
Photo: Robert Stevens.

“With it being open air, the pool house was the only real safe place to have a meal with a few friends or family that we trusted,” Ms Norman said. The boathouse is also used to accommodate Jet Skis, fishing rods and yacht equipment, and there is dockage for a yacht of roughly 150 feet.

The decision to sell the new home caps Mr Norman’s three decades on the island, which has since become one of the nation’s golf meccas. The area is home to several high-profile courses and training facilities. By 2016, The Wall Street Journal estimated that there were nearly 30 players on the PGA Tour residing in the area, including Tiger Woods and Dustin Johnson.

Mr Norman, 65, arrived in Jupiter in 1991, when he was introduced to the lush Florida island by golfer Jack Nicklaus, who lived in the area. Mr Norman was immediately drawn to the area’s laid-back lifestyle, which reminded him of his native Australia, and signed a contract for the house the same day he saw it.

“This gave me a compound where I could create my own private practice world,” Mr Norman said. “I had my own tee box and bunker and putting green. I would come home and people would think I wasn’t practising, but I’d be home practising and getting my game ready for the next week.”

For most of their years there, the Normans lived in a shingled cottage built-in 1902. It had its quirks. Some of the doorways were just 6 feet and 2 inches tall, and the staircase balustrade was just 30 inches high. “It didn’t have any insulation, not in the attic, not in the walls,” he said of the house. “As a matter of fact, it didn’t even have a foundation. It was basically buried into the sand dunes, and there wasn’t any hard foundation underneath.”

Greg Norman's Jupiter Island
Photo: Robert Stevens.

Mr Norman put that property on the market in 2007 for US$65 million but said he was just testing the market. It went on and off the market for roughly a decade and he and Ms Norman dropped the price to US$55 million in 2016. Still no buyers.

“I had a lot of people who came to take a look at it. A lot of my wealthy friends came,” said Mr Norman, noting that most of them concluded the house required too much work. “People wanted to have a turnkey property,” he said.

They decided to keep the property and upgrade it instead. Among the motivating factors was that the couple had a short window to take advantage of a permit they had to expand the property. The provision was sunsetting and wouldn’t be passed on to a new owner.

So three years ago, the couple tore down the existing house. “There one minute gone the next,” Mr Norman tweeted, as he watched a giant excavator tear down his home of close to two decades. Ms Norman snapped a photo as he stood in the giant hole left in the ground and pretended to play a bunker shot.

The Normans said they didn’t expect to be putting the finished product on the market so soon, but the Covid crisis made them re-evaluate their priorities. They want to travel more, they said, and spend more time in Australia with Mr Norman’s family. The couple also recently won their own battles with Covid-19. “This virus kicked the crap out of me like nothing I have ever experienced before,” Mr Norman wrote on Instagram. The couple has since fully recovered.

In addition to listing Tranquility, Mr Norman also recently made a deal to sell his ranch in Colorado, which had been on the market for $40 million, though it has not yet closed, he said.

Jill Hertzberg of the Jills Zeder Group and Michelle Thomson of the Thomson Team at Coldwell Banker Realty have the Florida listing.



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More than 10,000 companies are expected to have entered external administration by the end of the 2024 financial year, a level not seen for more than a decade. Data just released by the Australian Securities & Investments Commission (ASIC) shows 1,245 companies became insolvent in May, the highest monthly number this financial year. At present, a total of 9,988 businesses have gone bust in FY24 with data from June yet to be finalised.

Deloitte Access Economics Partner David Rumbens said the surge in business insolvencies this year was a “clear sign of economic distress”.

He commented: “[ASIC] predicts that by the end of the financial year, the number of companies entering external administration will likely exceed 10,000 – a level not seen since 2012-13, in the aftermath of the Global Financial Crisis (GFC).”

Mr Rumbens said the elements contributing to this year’s surge in insolvencies include high inflation and interest rates, weak consumer spending, and the commencement of more proactive tax debt collection activities by the Australian Taxation Office (ATO).

“One of the key factors contributing to this surge in insolvencies is the [ATO] pursuing debts that were previously put on hold during the COVID-19 pandemic,” he said.

Mr Rumbens cited ATO figures showing collectable debt rose 89 percent in the four years to June 2023. This has particularly impacted small businesses, which account for approximately 65 percent of the total debt owed at about $33 billion. “But more strictly enforced debt collection is coming at a time of tough economic conditions. High interest rates and cost-of-living pressures have weakened consumer spending, particularly in more discretionary components of spending.”

The construction sector has seen the highest number of insolvencies by far in FY24, mirroring the trend of FY23. Of the 9,988 insolvencies to date, 2,711 of them are in the building sector, which faces several challenges. These include a substantial lift in the cost of construction materials that is well above inflation and has made many fixed-price contracts signed within the past few years unprofitable. There is also a significant labour shortage that is delaying new home completions and new project starts, and also adding higher costs to projects.

“The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021,” Mr Rumbens said. “They have accounted for approximately 25 percent of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.”

The ASIC data shows the next biggest industry affected is ‘other services’, which includes a broad range of personal care services such as hair, beauty, dietary, and death care services. The sector has seen 939 insolvencies in FY24. Retail trade is next with 687 insolvencies, followed by professional, scientific and technical services with 585 insolvencies.

“The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March, cafés, restaurants, and takeaway businesses accounted for 5.5 percent of total business insolvencies, the highest proportion in the last three years.”

Mr Rumbens pointed out that while the number of insolvencies was high, it represents a lower share of the business sector at 0.33 percent than it did in FY13 when it was 0.53 percent. “This reflects the increase of registered companies in Australia, which has risen from just over two million to 3.3 million since 2012-13. Even so, the continued lift in insolvencies since 2021 highlights the difficult conditions many businesses face at present.”

 

 

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