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Hercules Hits the Market: Byron Hinterland Estate with Breathtaking Ocean Views Listed for $30M

Befitting its majestic name, Hercules is a mammoth 5.59ha property occupying the largest parcel of flat land along the Byron escarpment. Thanks to its prime position, the estate has head turning ocean views out to Broken Head National Park and the famous Cape Byron lighthouse.

Two homes share the unparalleled parcel along with a tennis court, two pools, separate guest accommodation, a function centre, music studio, a dam and even a thriving citrus orchard.

Billionaire developer and CEO of retirement development group GemLife, Adrian Puljich, and his wife Jessica, who runs interior design firm House Society, are selling Hercules after less than three years of ownership.

The prominent over-50s developer launched his latest venture Allure in September last year. With a $500 million pipeline of land lease communities to roll-out in Queensland by late 2025, Allira will house more than 1000 homes for seniors.

Listed with Nick Dunn of McGrath Byron Bay, the prestige property is sporting a $27 million to $30 million price guide. Although the hefty sum is an impressive price tag for a regional non-waterfront property, the greater Byron benchmark is significantly higher. That record was set in 2023 when tech entrepreneur Benjamin Bray reportedly paid $37 million for The Range, a 48ha luxury escape nearby, also in Coopers Shoot.

Mr and Mrs Puljich bought the estate for $22 million in June 2022 from previous owners Robert and Deborah Wild, co-directors of the Evolve College school of massage training. Back in 2014, the Wilds had bought the retreat for $7.9 million from international music producer Tom Misner, founder of SAU University College.

Although Hercules is not located on the coast, the ocean is still the headline act with a sweeping Pacific panorama from almost every turn, including two observation decks at the cliff face and a ionised horizon pool which appears to be at one with the big blue.

In the five-bedroom main residence there are multiple formal and informal rooms for grand scale entertaining, a wide ocean view terrace for alfresco gatherings, as well as an internal Travertine barbecue courtyard.

The contemporary kitchen has a full suite of German appliances, and each bedroom has its own ensuite. Other features of the 895sq m primary dwelling include a private office, a wine cellar, a first-floor games room and a six-car garage.

Throughout the rest of the resort-like property there is a modern two-storey three-bedroom health retreat with its own pool, a championship-sized tennis court with flood lights, a gym and steam room, plus a 100sq m state-of-the-art film and sound recording studio with a make up room, bathrooms and adjacent offices. A conference centre offers 200sq m of training space, as well as consulting, treatment and meeting rooms, a kitchen and toilets.

Additional features of the expansive property include a solar system, gated entry with video security system, an extensive data network, high electrical power connection capacity with substation upgrade to 315kVA, a water bore with irrigation and a 200,000L rainwater tank.

Hercules is an approximate five-minute drive to Byron Bay or Bangalow and about 30 minutes from Balinna Gateway Airport.

 

Listed with McGrath Byron Bay’s Nick Dunn, Hercules is on the market via private treaty sale with a price guide of between $27 million to $30 million.

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Why U.S. Steel Stock Is Down Even Though Everyone Wants a Piece of It

United States Steel has become an unlikely darling, with many parties vying for control of the century-old-plus American icon.

The interest hasn’t translated into significant gains for existing shareholders, though. Investors appear confused , and no one knows exactly how the U.S. Steel drama will end .

On Wednesday, Ancora , a Cleveland-based activist investor with about $10 billion in assets under management, held a conference call outlining its plan for the steel maker.

Ancora nominated a majority slate of directors on Jan. 27, making a play for control of the company. The call outlined a “multi-billion dollar capital investment plan to revitalize U.S. Steel,” led by Alan Kestenbaum, former CEO of Canadian steel maker Stelco.

Kestenbaum reflected on his success in turning around Stelco, which was sold to Cleveland-Cliffs in 2024 , adding he has a history of improving labor relations. Many U.S. Steel workers are represented by the United Steel Workers. U.S. Steel has a labor negotiation coming up in 2026.

Ancora, of course, wants U.S. Steel to abandon a proposed deal with Nippon Steel , which values U.S. Steel at $55 per share.

That deal faced stiff opposition from both sides of the political aisle. President Donald Trump said it was psychologically important for U.S. Steel to remain American-owned.

Control concessions by Nippon Steel and plans to invest billions didn’t sway American politicians. Trump did appear to soften his stance recently, saying at a press conference with Japanese Prime Minister Shigeru Ishiba that Nippon Steel would invest in U.S. Steel.

Nippon Steel and U.S. Steel declined multiple requests for comments about investment details.

The Nippon Steel deal emerged in late 2023 after Cleveland-Cliffs offered to buy U.S. Steel for about $35 a share in August 2023. Cleveland-Cliffs CEO Lourenco Goncalves hosted a combative January press conference where he indicated consolidation among large U.S. players could help restore consistent profitability to the sector.

Cleveland-Cliffs and America’s largest steel producer, Nucor , are reportedly interested in some U.S. Steel assets. Nucor would be interested in U.S. Steel’s electric arc furnace assets, which use electricity to melt scrap steel and other metallics.

Keeping track of things on the table: U.S. Steel could be sold to Nippon Steel, get an investment from Nippon Steel, be broken up into pieces, merge with Cleveland-Cliffs, or make a go of it as a standalone company investing in existing operations.

Investors are just waiting. U.S. Steel is down about 15% over the past 12 months, and the share price has bounced between roughly $30 and $40 since President Joe Biden indicated he would block the deal in early 2024.

Ancora’s main message was that U.S. Steel doesn’t need external capital to turn around operations. “It’s about brain power,” said Kestenbaum. Time will tell if that’s correct.

U.S. Steel looks like it could use capital. It’s America’s third-largest steel producer, and a relatively high-cost producer. Since 2021, U.S. Steel has made roughly $150 in per ton operating profit annually. Cleveland-Cliffs has made roughly $100 per ton over the same span. Nucor earned closer to $300 per ton. Nippon Steel is the world’s fourth-largest steel producer, and about three times the size of U.S. Steel, but its per-ton profit is closer to Cleveland-Cliffs and U.S. Steel than to Nucor.

U.S. Steel shares might have got a small Ancora boost on Wednesday. The stock closed up 2% at $39.04, while the S&P 500 and Dow Jones Industrial Average rose about 0.2%.

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NAB’s Earnings Hit by Higher Business-Loan Impairments

National Australia Bank said that higher credit impairments against business loans contributed to a small fall in its unaudited December quarter cash earnings.

NAB , which is Australia’s second-largest bank by market capitalization, on Wednesday posted unaudited cash earnings for its fiscal first quarter of 1.74 billion Australian dollars, equivalent to about US$1.11 billion.

That was down 2% on the average of its prior two fiscal quarters. NAB did not give a year-earlier comparison.

The lender said that revenue grew by 3% compared with the average of its prior two fiscal quarters. Underlying profit growth of 4% over the same period was offset by higher credit impairment charges and income tax expenses, it added.

NAB, which posted an unaudited quarterly statutory profit of A$1.70 billion, said the A$267 million credit impairment charge included A$152 million of individually assessed charges. Those were mainly against Australian businesses and unsecured retail portfolios, it said.

The individual charges were up by 54% compared with a year earlier. NAB said that it had not altered its economic assumptions and scenario weightings.

“The economic outlook is improving but cost of living and interest rate challenges persisted,” Chief Executive Andrew Irvine said. “While most customers are proving resilient, we have maintained prudent balance sheet settings.”

NAB said it had seen a small decline in net interest margin due to funding costs, lending competition and deposits, partially offset by the benefit of higher interest rates.

On Tuesday, the Reserve Bank of Australia cut the country’s cash rate for the first time since 2020 but warned against expecting subsequent near-term cuts.

NAB is still targeting full fiscal-year productivity savings of more than A$400 million, and for operating expenses to grow by less than 4.5%, Irvine said.

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Property of the Week: 8-10 Howard St, Kew

It may be a well-worn cliche, but if these walls could talk there would be plenty of state secrets to share. The landmark residence at 8-10 Howard St, Kew was once the private residence of Sir Robert Menzies and Dame Pattie between 1929 and 1949, during the Prime Minster’s first term in the top job. He later held the role again from 1949 to 1966, making him Australia’s longest serving Prime Minister.

Historical land records indicate that the Howard St property was sold to Leonard Clinton Shaw, brother-in-law of Pattie Menzies. Robert and Patti then moved to live into The Lodge in Canberra.

The stately arts and crafts era home was built in the 1910s and has reportedly played host to a long list of dignitaries and VIP guests. As rumour has it, the drawing room of the Kew property is where Menzies crafted his iconic speeches and held many clandestine meetings.

Today the imposing five-bedroom residence, which sits on a vast 1874sq m land parcel in the coveted Studley Park precinct, has come to market through Marshall White agents James Tostevin and Chris Barrett with a price guide of $8.3 million to $8.9 million.

According to CoreLogic, the property last sold in 2018 for $7.75 million.

Beyond the expansive parklike grounds that to pay homage to celebrated Australian landscaper Edna Walling, the two-storey house is packed with meticulously maintained period features.

Showcasing the best of arts and crafts design influences, the home has a charming tuck-point brick façade, a tessellated tile veranda, coloured leadlight glass windows, dark stained wood panelling inside, as well as high decorative ceilings and cornices.

The large foyer divides the lower level into two distinct zones; big formal rooms and more casual family-friendly spaces. Built for entertaining on a grand scale, both the lounge and dining rooms rooms have original fireplaces and open out to either the undercover veranda or enclosed sunroom.

Also on the ground level, a spacious family room with yet another fireplace connects to an everyday meals area, and the contemporary kitchen comes complete with granite surfaces, a Paul Bocuse stove, an integrated Miele dishwasher, a walk-in pantry and wine cellar. A home office, or potential guest bedroom, plus a large laundry and two powder rooms round out the lower level floor plan.

Up via a majestic timber staircase, four big bedrooms have fireplaces and built-in wardrobes, while the primary suite is home to a palatial ensuite and dressing room. This accommodation level also houses two family bathrooms and a rear balcony that overlooks the grounds.

Outdoors there are multiple lifestyle features including a north/south tennis court with lighting, a unique rounds swimming pool and all-weather terraces.

Other features include an alarm, hydronic heating, a 60,000L underground tank, a garden shed, a remote double garage and additional off-street parking.

Located on the old Oakland Estate, the Menzies’ former home is close to popular eateries, Xavier College, St Vincents Private Hospital and golf courses.

 

Expressions of interest close on March 11, at 5pm for 8-10 Howard St, Kew. The home is listed with a price guide of $8.3 million to $8.9 million through agents James Tostevin and Chris Barrett of Marshall White.

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Treasury Wine Fails to Find Buyers for Its Budget Brands

Australia’s Treasury Wine Estates admitted defeat in its effort to divest brands including Wolf Blass and Blossom Hill, moderating its annual earnings guidance amid weaker sales of its cheaper products.

Last year, Treasury outlined plans to offload its so-called commercial portfolio in a pivot toward costlier, higher-margin brands. As part of the move, it bought California’s Frank Family Vineyards in 2021 and Daou Vineyards in 2023 in deals worth US$1.31 billion combined.

On Thursday, Treasury told investors that it had failed to find a buyer for its budget brands.

“TWE has concluded that the offers received for these brands did not represent compelling value and therefore their retention is the best course of action,” Treasury said.

The company, which is best known for its prestigious Penfolds brand, said that demand for brands typically retailing for less than US$19 a bottle had fallen by 4.9% in the December-half. That includes the commercial portfolio, which comprises the company’s cheapest offerings.

As a result, Treasury expects so-called Ebits—earnings before interest, tax and other impacts including one-off items—for the full fiscal year of 780 million Australian dollars, or about US$489.8 million. That’s at the bottom end of its previously issued A$780 million-A$810 million guidance range.

Even so, Treasury on Thursday reported a A$220.9 million net profit for its fiscal first half, up 33% on year as the company continued to re-establish its Penfolds brand in China following that country’s removal of tariffs on Australian wine.

Revenue rose by 20% to A$1.57 billion, while profit increased 33% to A$239.6 million once material items and currency moves were stripped out.

The average analyst forecast had been for a net profit of A$242.1 million from revenue of A$1.57 billion, according to data compiled by Visible Alpha. Treasury reported first-half Ebits of A$391.4 million.

The board declared a dividend of 20 Australian cents a share, up from 17 cents a year earlier.

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Tech Giants Double Down on Their Massive AI Spending

Tech giants projected tens of billions of dollars in increased investment this year and sent a stark message about their plans for AI: We’re just getting started.

The four biggest spenders on the data centers that power artificial-intelligence systems all said in recent days that they would jack up investments further in 2025 after record outlays last year. Microsoft , Google and Meta Platforms have projected combined capital expenditures of at least $215 billion for their current fiscal years, an annual increase of more than 45%.

Amazon.com didn’t provide a full-year estimate but indicated on Thursday that total capex across its businesses is on course to grow to more than $100 billion, and said most of the increase will be for AI.

Their comments in recent quarterly earnings reports showed the AI arms race is still gaining momentum despite investor anxiety over the impact of China’s DeepSeek and whether these big U.S. companies will sufficiently profit from their unprecedented spending spree.

Investors have been especially shaken that DeepSeek replicated much of the capability of leading American AI systems despite spending less money and using fewer and less-powerful chips, according to its Chinese developer. Leaders of the U.S. companies were unbowed , touting advances in their own technology and arguing that lower costs will make AI more affordable and grow the demand for their cloud computing services, which AI needs to operate.

“We think virtually every application that we know of today is going to be reinvented with AI inside of it,” Amazon Chief Executive Andy Jassy said on Thursday’s earnings call.

Here is a breakdown of each company’s plans:

Amazon said a measure of its capex that includes leased equipment rose to a record of about $26 billion in the final quarter of 2024 , driven by spending in its cloud-computing division on equipment for data centers that host AI applications. Executives projected it would maintain the fourth-quarter spending volume in 2025, meaning an annual total of more than $100 billion by that measure.

The company—which gets most of its revenue from e-commerce and most of its profit from cloud computing—also projected overall sales for the current quarter that missed analysts’ expectations. Its shares slid about 4% in after-hours trading Thursday. The stock rose more than 40% in 2024 and was up nearly 9% this year before its earnings report.

Jassy said AI has the potential to propel historic change and that Amazon wants to be a leader of that progress.

“AI represents for sure the biggest opportunity since cloud and probably the biggest technology shift and opportunity in business since the internet,” Jassy said.

Google shares are down about 7% since its earnings report Tuesday, which showed disappointing growth in its cloud-computing business. Still, parent-company Alphabet said it is accelerating investments in AI data centers as part of a surge in capital expenditures this year to about $75 billion, from $52.5 billion in 2024. The spending will go to infrastructure both for Google’s own use and for cloud-computing clients.

“I think part of the reason we are so excited about the AI opportunity is we know we can drive extraordinary use cases because the cost of actually using it is going to keep coming down,” said CEO Sundar Pichai .

AI is “as big as it comes, and that’s why you’re seeing us invest to meet that moment,” he said.

Microsoft has said it plans to spend $80 billion on AI data centers in the fiscal year ending in June, and that spending would grow further next year , albeit at a slower pace.

Chief Executive Satya Nadella said AI will become much more extensively used , which he said is good news. “As AI becomes more efficient and accessible, we will see exponentially more demand,” Nadella said.

Growth for Microsoft’s cloud-computing business in the latest quarter also disappointed investors, leaving its stock down about 6% since its earnings report last week.

Meta, too, outlined a sizable increase in its investments driven by AI, including $60 billion to $65 billion in planned capital expenditures this year, roughly 70% higher than analysts had projected. Shares in Meta are up about 5% since its earnings report last week.

CEO Mark Zuckerberg said investing vast sums will enable it to adjust the technology as AI advances.

“That’s generally an advantage that we’re now going to be able to provide a higher quality of service than others who don’t necessarily have the business model to support it on a sustainable basis,” he said.

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Hidden Hinterland Gem: Byron Bay Estate with Historic Ties

High in Byron Bay’s coveted hinterland there is a hidden estate with more than just a charming homestead on offer. Pecan Manor Farm is a 40ha parcel of lush rolling grounds with expansive grazing lands, a dam with a private pontoon – and a thriving pecan plantation.

The original homestead was first built and owned by the Toohey brothers, who later went on to establish the iconic Tooheys Beer Company. In 2013, the property was sold to the Hogan family, who significantly renovated the home. It changed hands again in 2021, with the current owners further transforming the property.

With sandstone features, manicured hedges and a meandering driveway through established trees, Pecan Manor Farm is, in a nut shell, an enviable tree change property only half an hour from one of Australia’s hottest beach getaways.

Listed with McGrath Byron Bay Agents Tezu Harrison and Nick Dunn, the unique property at 204 Tooheys Mills Rd, Nashua is on the market with price expectations of $8 million.

“It’s a beautiful pecan estate that is so private. You drive in through a pecan forest almost and arrive up to the top of the property to discover a completely renovated old school Federation home. It’s probably one of the most beautiful 99 acres I’ve ever seen, because there are so many different aspects to it,” Mr Harrison said.

Framed by some of the region’s most impressive scenery, the grand Nashua landholding is near Tintenbar, and is 18kms to Lennox Head or 25kms to the popular beaches of Byron.

Inside the large family-friendly home, the main wing houses a choice of everyday living spaces including an open plan dining and family room, the contemporary kitchen and a separate lounge or media room.

At the heart of the footprint, the kitchen has a suite of NEFF appliances and a freestanding island bench. Both the dining and lounge areas spill out onto a full-width deck, taking in the sweeping district views and pool.

While one bedroom has an ensuite and personal deck, it’s the main bedroom that is a retreat in every sense of the word. Separated via a gallery-style hallway, the primary suite is its own wing with a large deck, a bath ensuite overlooking the lush landscape, and a walk-in wardrobe.

Thanks to the multiple alfresco spaces, there is a place for everyone in all seasons, especially by the pool either on the timber sun deck or in the cosy cabana complete with its own fireplace.

Guests can stay with plenty of privacy in the freestanding barn, or the extra self-contained space could be used as a short term rental or office generating additional income. Aptly named The Barn, this bonus accommodation features a full kitchen with breakfast bar, a bathroom, living area and separate bedroom.

Throughout the home there are high ceilings, timber floors, intricate chandeliers, ducted air-conditioning. The property also has six large machinery sheds, offering ample scope for further agricultural pursuits.

Flowing along the property’s edge, Skinners Creek further sets the scene, while the location delivers the best of both worlds – Tintenbar General Store and local school are just 10 minutes away, while the popular Harvest Newrybar café is a 15-minute drive with Lennox Head and Ballina/Byron Airport also easily accessible.

Pecan Manor Estate is listed with Tezu Harrison on 0448 000 234 and Nick Dunn on 0448 301 111 of McGrath Estate Agents Byron Bay and is on the market with a price guide of $8 million.

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Carved in Stone

Like all design movements, the return of marble to interiors started quietly enough with the rise of ‘greige’ as the dominant colour palette. A warm version of grey, for a while there, you could barely step into a well-considered residential space without being confronted with the ubiquitous neutral tone.

However, to be successful, this look depended on texture, layering and patterning to provide truly heartfelt spaces with genuine depth. And so Calacatta and Carrara marble entered the room, literally making itself at home in kitchens, bathrooms, and living room hearths, as well as in a myriad of accessories and furniture from small bowls and coasters to coffee and dining tables.

As greige made way for a return to colour in interiors, in recent years designers have turned their attention to bolder choices, moving on from the classic tones of Calacatta, Carrara, and Pietra marbles to Verde Indio, Spanish Gold, and Calacatta Viola.

Inspired by the raw beauty of the site, Mim Design used marble extensively in this Mornington Peninsula home Mim Design

Not that there is anything new about marble. First documented for use in construction in 3rd century Greece BCE, with evidence it was also used in ancient Turkey and Rome, it was originally chosen for its strength and beauty, as well as its accessibility, extracted from quarries using hammers and wedges and removed using pulleys, levers, and winches rather than the more difficult process of mining. While extraction methods have improved, especially in recent years, the nature of this popular stone is unchanged.

A metamorphic rock composed mostly of calcite, it is formed when limestone is subjected to heat and pressure. When the calcite in the limestone recrystallises, it forms a rock that is a mass of interlocking crystals, creating what we know as marble.

In Melbourne’s St Ali & The Queen cafe and bar, Studio Tate teamed marble and timber to transition from day to night.

While many countries, including Australia, have marble deposits, about half the world’s supply is sourced from just four countries—Spain, Italy, India, and China. Strong enough to endure extended use, it is also soft enough to be relatively easy to carve while its natural beauty allows it to be polished and honed, giving it a glow that adds depth—and a sense of luxury—to any space it inhabits.

Greg Natale marble accessories deliver on style.

Australian designers have been quick to embrace the use of marble, offering, as it does, the opportunity to create truly unique interiors. Creative director of Mim Design, Emma Mahlook, says while budget is always a consideration, a greater variety of marble has become easier to source in recent years.

“Coloured stones provide an opportunity to create distinctive and striking spaces,” she says. “As such, we are finding that there is a slight shift to bolder and braver choices of coloured stone than the traditional whites and greys.”

For homeowners interested in creating distinctive, outstanding spaces, it is hard to beat, with each piece different from the other.

“No batch of stone is ever the same, which makes it so unique and such an interesting and visually appealing product with colours, textures, and patterns that are sometimes as complex as intricate works of art,” says Mahlook.

She cites a recent commercial project her studio realised for Enoteca Boccaccio, an exclusive Italian restaurant in the heart of the Melbourne suburb of Balwyn, where she specified a selection of coloured marbles to create an intimate and luxurious dining experience that looks to the past, as well as the future.

“The choices of natural stone in Enoteca Boccaccio, which featured marbles Rosso Levanto and Carrara as well as a granite called Domino, were selected to reflect Italy’s streets and embody genuine durability and commitment to the art of preservation,” says Mahlook. “Rosso Levanto and Carrara are archaic marbles with such strong significance connecting to Italy’s rich heritage.”

Colour and Communications Manager at Dulux, Andrea Lucena-Orr, says the interest in coloured marble in Australian design has its origins in more transient hospitality spaces like bars and restaurants, where design is traditionally riskier.

“Typically, it starts in hospitality and commercial environments,” she says. “You tend to get it in high-end homes because it is expensive, but it’s beautiful.”

“That whole natural palette is a huge phenomenon—people are celebrating those imperfections in patterns and shapes now.”

Because no two slabs are the same, Mahlook says there’s the ability to create truly distinctive, personal spaces for clients seeking genuinely idiosyncratic interiors.

“The movement towards coloured natural stones reflects a broader cultural shift towards individuality, sustainability, and innovation in design and architecture,” she says.

For those falling under its spell, Director of Studio Tate, Alex Hopkins, says marble pairs well with other materials such as timber and looks beautiful indoors, particularly in kitchens and bathrooms. However, she cautions there are some things to consider before specifying it at home.

“To ensure marble remains a timeless choice rather than a fleeting trend, we recommend using it selectively and pairing it with contrasting materials,” she says. “It’s crucial to understand its maintenance demands and consider the overall budget, including installation and upkeep costs.”

While it is susceptible to staining because of its porosity, Hopkins says using marble sparingly, for example, in a powder room vanity, can minimise maintenance.

“Different finishes, like honed surfaces, can also help reduce the appearance of wear,” she says. “Working with experienced designers or specialists ensures the marble chosen fits both the aesthetic and functional needs of your space.”

Professionally applied sealants can also make staining less likely.

For those bold enough to take the plunge, Hopkins says the rewards are great.

“Its diverse colour palette and natural veining offer a unique aesthetic that other materials can’t match,” she says.

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Burleigh’s New Architectural Gem: A Contemporary Coastal Masterpiece

Burleigh Heads is fast becoming an address associated with enviable contemporary architecture, and the latest listing with Ray White Malan & Co fits the designer brief.

Lawyer Jess Fitzgerald bought a classic brick bungalow five years ago and set about transforming the old school property into a modern dream home, only 400m from Burleigh’s coveted coastline.

Recently finished, the near new four-bedroom, three-bathroom residence at 1 Symonds Rd is a stylish take on the 21st century beach house designed by local architect Jayson Pate.

Pate, a former Southport Sharks AFL footballer and a survivor of the 2002 Bali bombings, is making waves as a Gold Coast designer known for his signature use of slab work, curves and free-flowing indoor-outdoor spaces.

Bought in 2020 for $965,000 prior to its epic transformation, the home, on 440sq m, is due to go under the hammer on February 7. In keeping with Queensland regulations regarding auction pricing, there is no guide on offer.

Pleased with the end result, the Fitzgeralds are now moving on with an even greater knockdown rebuild reinvention by Pate nearby.

Inspired by a Palm Springs aesthetic, the Symonds Rd home features a natural earthy colour palette with sophisticated finishes.

Crafted for everyday living that can move effortlessly into glamorous entertaining when the mood strikes, the spacious ground floor layout is home to a sleek kitchen complete with SMEG integrated appliances, a large central island bench, a big butler’s pantry and a stylish arched bar nook incorporating a wine fridge.

With warm oak timber floors throughout, the combined dining and lounge zone spills out to a covered alfresco space that is the perfect gathering place for friends and family. There is an integrated barbecue, manicured low-maintenance gardens, honed concrete surfaces, custom sliding screens, and a refreshing magnesium swimming pool.

Down on the ground floor, the guest bedroom also has a private ensuite, plus a view of the pool and gardens.

Upstairs, a second living space anchors the footprint with two bedrooms featuring walk-in wardrobes and sharing a family-friendly bathroom with a freestanding tub and two handy vanities.

In the palatial main bedroom there is a dressing room, as well as an ensuite with dual showers and basins.

Created with the latest in meticulous design finishes, the home has a convenient mud room with ample storage and bench seating, a powder room with Venetian rendering, a purpose-built desk in the lounge room, ducted air-conditioning, a Hikvision intercom system, and a secure gated entrance with a double car port.

Positioned in the coveted pocket known among real estate agents as the “Burleigh triangle” the house is close to beaches, eateries and bars.

Number 1 Symonds Rd, Burleigh Heads is listed with Ray White Malan & Co agents, Conner Malan  on 0419 706 296 and Daniel Donovan on 0431 649 784. The home is to go to auction on February 7.

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OpenAI in Talks for Huge Investment Round Valuing It Up to $300 Billion

OpenAI is in early talks to raise up to $40 billion in a funding round that would value the ChatGPT maker as high as $300 billion, according to people familiar with the matter.

SoftBank would lead the round and is in discussions to invest between $15 billion and $25 billion. The remaining amount would come from other investors.

The two companies were recently in talks to value OpenAI as high as $340 billion, one of the people familiar with the matter said. After The Wall Street Journal published that figure in an earlier version of this story, the person said newer negotiations lowered the proposed valuation to as much as $300 billion.

The Japanese company is helping assemble investors for the rest of the round, one of the people said. The discussions are still in flux and could fall apart, the person said.

The $300 billion valuation would include the cash OpenAI raises in the round.

OpenAI was last valued at $157 billion in October, when it raised $6.6 billion . Roughly doubling its value in just a few months would be extraordinary even by the standards of Silicon Valley’s current AI boom.

The funding will be used in part to help OpenAI fulfill its roughly $18 billion commitment to Stargate , a joint venture with SoftBank and others to finance the construction of new data centers in the U.S. powering OpenAI’s technology. The startup also expects to use the cash to fund its money-losing business operations.

At $300 billion, OpenAI would be the second-most valuable startup in the world, behind only Elon Musk’s SpaceX, according to the data provider CB Insights. A funding round of this size would be the largest in Silicon Valley history, according to PitchBook, and blow past OpenAI’s previous fundraising record achieved in 2023, when it raised $10 billion from Microsoft .

OpenAI is attempting to raise the cash after AI models released by the Chinese firm DeepSeek led to a selloff in big tech stocks , including Nvidia , earlier this week. DeepSeek’s success with cheaply made and free-to-use AI technology has led many investors and executives to question the big-spending strategies of OpenAI and other U.S. developers.

OpenAI expected to lose around $5 billion last year on revenue of $3.7 billion, The Wall Street Journal reported in October . At the time, it projected its revenue would grow to $11.6 billion this year.

The funding talks mark a quickly deepening relationship between OpenAI chief executive Sam Altman and SoftBank CEO Masayoshi Son , who appears to have picked the ChatGPT maker as his vehicle to bet big on the AI industry.

SoftBank has separately committed to contribute some $18 billion to Stargate, which Son announced at the White House earlier this month, alongside Altman and Oracle executive chairman Larry Ellison . The project’s partners have committed to invest $100 billion in U.S. data center projects for OpenAI and plan to invest up to $500 billion over four years.

In October, SoftBank contributed $500 million to a $6.6 billion funding round for OpenAI. The following month, it launched a $1.5 billion tender offer to purchase existing shares from employees.

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DeepSeek Deep Sixes the Stock Market. How Far the S&P 500 Could Fall

DeepSeek just might derail the stock market’s rally.

The S&P 500 hasn’t had a correction , a 10% pullback from a high, since October 2023. Investors kept buying throughout 2024 despite angst surrounding the Federal Reserve and interest rates, not to mention numerous international concerns.

But now, worries about cheaper artificial intelligence models from the Chinese-developed app named DeepSeek may be the excuse that investors were waiting for to finally sell shares in earnest. Stocks plunged Monday .

The declines were biggest in ing tech companies, such as Nvidia , Broadcom and Microsoft . But other sectors, namely manufacturing and the utility or energy stocks that have big ties to the AI theme, were hit hard as well

The S&P 500 and Nasdaq Composite tumbled 1.5% and more than 3% respectively. The Dow Jones Industrial Average , which is less exposed to tech, gained nearly 300 points, or 0.7% .

The market is now closer to correction territory than it has been since August , when worries about a surge in the value of the Japanese yen versus the dollar spooked investors and led to a spike in volatility. But the major stock indexes still have a way to go before the declines from their peaks reach 10%.

The S&P 500 ended Monday at around 6012 , putting it just 2% below its record high. The blue-chip index would need to fall another 8% to just above 5500 to reach correction status. The Nasdaq is closer: It has fallen more than 4% from its peak and is 6% above the correction- territory level of 18,156.50.

But even before Monday’s DeepSeek bombshell, there were growing concerns that stocks may head into a correction. Barry Bannister, chief equity strategist at Stifel, recently reiterated a July call for the S&P 500 to fall 10% from its peak. He thinks it will drop to about 5500 later this year.

Bannister has been fairly bearish for the better part of a year. He said in a report Sunday that there is too much optimism about fiscal stimulus from President Donald Trump; the notion of American exceptionalism, or that stocks here have better prospects because the U.S. economy is more innovative and entrepreneurial; and hype about the Magnificent Seven of tech.

Bannister worries that core inflation and longer-term bond yields will remain higher for longer, creating a “a mild case of stagflation”—the dreaded combination of stagnant growth and persistent inflation. That may mean fewer Fed rate interest-rate cuts until the economy actually weakens, “which itself is not bullish,” Bannister wrote.

Trump’s threat of tariffs and stricter immigration policies, which would boost the cost of imported goods and potentially drive wages higher by curtailing the supply of labor, may also stoke fear of more persistent inflation.

So what should investors do now?

Bannister argues that “defensive value” stocks, such as healthcare and consumer staples companies, should outperform. Investors seem to agree: Both the Health Care Select Sector SPDR and the Consumer Staples Select Sector SPDR exchange-traded funds were up more than 2% as the broader market fell on Monday.

Bannister likes utilities too, but that sector is trickier. The group as a whole sank Monday, led lower by significant drops in Vistra and Constellation Energy , the two utilities that have gotten the biggest boost from AI’s demand for energy. But shares of classic, less exciting, regulated utilities, such as Duke Energy, Dominion Energy, and Xcel Energy , rallied. All three stocks have big dividend yields.

Dividend payers across all sectors could hold up better in a suddenly more volatile market. Simeon Hyman, global investment strategist with ProShares , told Barron’s that companies that pay dividends tend to be more stable. Companies may pull back on plans to buy back more stock or invest in their future if conditions change, but with rare exceptions “once you commit to dividend growth, you stick with it,” he said.

The SPDR S&P Dividend ETF and ProShares S&P 500 Dividend Aristocrats ETF , which recently added FactSet Research System , Erie Indemnity , and Eversource Energy to the fund, were both up nearly 2% Monday.

Still, even investors in dividend stocks need to be wary. There could be more downside ahead for the broader market. Simply put, stocks are arguably long overdue for a correction.

“The last time the market entered an official correction was 309 trading days ago, spanning well beyond the average number of 173 trading days without a correction since 1928,” Adam Turnquist, chief technical strategist for LPL Financial , said in a report last week.

There is a case to be made that there was too much optimism on the part of investors. Katie Stockton, founder and managing partner of Fairlead Strategies, noted that the Cboe Volatility Index, known as Wall Street’s fear gauge, recently fell to levels in the midteens from a three-month high of nearly 28 in mid-December. She thinks a VIX reading that low was reflecting complacency. The VIX surged to just under 20 Monday.

Stockton now thinks that Monday’s market pullback could lead to more downside for the next few weeks. She said investors should keep an eye on two key technical support levels for the S&P 500: the closing level of about 5783 that it traded at on Election Day, and if stocks dip below that, the 200-day moving average of 5608.

Remember, the level that would bring the market into correction territory is just above 5500, in flirting distance from the 200-day average.

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A RARE GEM: COVETED HARBOURSIDE HOME FOR SALE IN LAVENDER BAY

A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.

Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.

Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.

Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.

The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.

Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.

A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.

In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.

Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.

The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.

Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.

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China Pumps Up Support for Country’s Stock Markets

China’s securities regulator is ramping up support for the country’s embattled equities markets, announcing measures to funnel capital into Chinese stocks.

The aim: to draw in more medium to long-term investment from major funds and insurers and steady the equities market.

The latest round of policy boosts comes as Chinese stocks start the year on a soft note, with investors reluctant to add exposure to the market amid lingering economic woes at home and worries about potential tariffs by U.S. President Trump. Sharply higher tariffs on Chinese exports would threaten what has been one of the sole bright spots for the economy over the past year.

Thursday’s announcement builds on a raft of support from regulators and the central bank, as officials vow to get the economy back on track and markets humming again.

State-owned insurers and mutual funds are expected to play a pivotal role in the process of stabilizing the stock market, financial regulators led by the China Securities Regulatory Commission and the Ministry of Finance said at a press briefing.

Insurers will be encouraged to invest 30% of their annual premiums earning from new policies into China’s A-shares market, said Xiao Yuanqi, vice minister at the National Financial Regulatory Administration.

At least 100 billion yuan, equivalent to $13.75 billion, of insurance funds will be invested in stocks in a pilot program in the first six months of the year, the regulators said. Half of that amount is due to be approved before the Lunar New Year holiday starting next week.

China’s central bank chimed in with some support for the stock market too, saying at the press conference that it will continue to lower requirements for companies to get loans for stock buybacks. It will also increase the scale of liquidity tools to support stock buyback “at the proper time.”

That comes after People’s Bank of China in October announced a program aiming to inject around 800 billion yuan into the stock market, including a relending program for financial firms to borrow from the PBOC to acquire shares.

Thursday’s news helped buoy benchmark indexes in mainland China, with insurance stocks leading the gains. The Shanghai Composite Index was up 1.0% at the midday break, extending opening gains. Among insurers, Ping An Insurance advanced 3.1% and China Pacific Insurance added 3.0%.

Kai Wang, Asia equity market strategist at Morningstar, thinks the latest moves could encourage investment in some of China’s bigger listed companies.

“Funds could end up increasing positions towards less volatile, larger domestic companies. This could end up benefiting some of the large-cap names we cover such as [Kweichow] Moutai or high-dividend stocks,” Wang said.

Shares in Moutai, China’s most valuable liquor brand, were last trading flat.

The moves build on past efforts to inject more liquidity into the market and encourage investment flows.

Earlier this month, the country’s securities regulator said it will work with PBOC to enhance the effectiveness of monetary policy tools and strengthen market-stabilization mechanisms. That followed a slew of other measures introduced last year, including the relaxation of investment restrictions to draw in more foreign participation in the A-share market.

So far, the measures have had some positive effects on equities, but analysts say more stimulus is needed to revive investor confidence in the economy.

Prior enthusiasm for support measures has hardly been enduring, with confidence easily shaken by weak economic data or disappointment over a lack of details on stimulus pledges. It remains to be seen how long the latest market cheer will last.

Mainland markets will be closed for the Lunar New Year holiday from Jan. 28 to Feb. 4.

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WHIMSY FARM: A MAGICAL BYRON BAY HINTERLAND RETREAT

Tucked away in Byron Bay’s coveted hinterland, Whimsy Farm is a traditional rural homestead surrounded by more than 16ha of lush fertile grounds with equestrian facilities and a host of whimsical additions including a fairytale-inspired maze.

Just listed with Sotheby’s International Realty Byron Bay, agents Denzil Lloyd and Will Phillips are running an expressions of interest campaign on the glamorous getaway with a price guide of $5.25 million to $5.75 million.

The romantic estate in Federal, 25 kms from Byron Bay dates back more than a century, but has been meticulously renovated by its current owners to attain modern day dream home status.

Back in 2016, the enviable property even featured on Foxtel’s short-lived reality TV show I Own Australia’s Best Home. The picturesque parcel has also been appreciated by location scouts and has appeared in a long list of fashion brand and magazine shoots such as Country Style and Queensland Homes.

Owner Melinda Boundy, founder of boutique interiors firm Melinda Boundy Design, was instrumental in reviving the historic Federal homestead. She has described the rural property as a  “a respite from the world” where she and her husband have raised their two sons over the past decade.

“I brought my boys down 10 years ago to nurture their creativity, their boyhood,” Boundy said in a recent Instagram post announcing the impending sale.

“We found our farm with its double-storey treehouse and 40 acres the perfect place for two young boys to thrive.”

In addition to hiring out the estate for formal events, Boundy said the family had celebrated several milestones at the address.

“Many parties, sleepovers, friends staying and events have been held [here]. It has seen the filming of a TV show or two, music videos, location shoots and weddings,” she added.

“Now it’s time to pass the baton to another family to share the magic and wonderment of this beautiful compound.”

Lloyd agreed that the listing is a magical estate, ripe for the picking.

“It’s a wonderland. There’s the maze, but it’s also got the treehouse, teepee, dams, beautiful established veggie gardens and it’s perfect for those who love horse riding,” Mr Lloyd said.

“It really is an oasis with plenty of classical charm as well. It’s not an ostentatious home; it’s an original Queenslander from 1910.”

Living up to its storybook name, Whimsy Farm is home to a preserved traditional Queenslander residence with five bedrooms, plus a freestanding guest cottage. There is also a separate pool house and a combined shed or office on site, all capturing scenic hinterland views.

The main single-storey residence has a choice of entertaining spaces inside and out as well as bedrooms opening to private alfresco areas. A grand kitchen and the large living room both open to a vast terrace and pool area.

In the primary bedrooms suite there is a bay window overlooking the natural surrounds, an ensuite with double vanities, and out on the covered deck an outdoor bathtub is an idyllic spot for soaking under the stars.

The playful property has also operated as a holiday rental and offers up unique bonus features including a solar-heated semi circle pool, a double-storey treehouse, a teepee, horse stables, paddocks and a an Olympic-sized dressage arena.

A true tree change destination, the Federal address is home to 10 acres of regenerated forest, eight water tanks, two lagoons, extensive raised veggie gardens and a citrus orchard.

It is conveniently located a scenic 30-minute drive to Byron Bay and 20 minutes to Bangalow.

 

Whimsy Farm at 711 Federal Dr, Federal is listed through Sotheby’s International Realty Byron Bay through an expressions of interest campaign closing February 20, 5pm.

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THE MAKING OF A DRIVING LEGEND

Klaus Busse would like you to close your eyes and imagine yourself behind the wheel of a Maserati. Picture the GranTurismo, which launched in Australia in 2024. Where do you see yourself? Chances are, Busse suggests, it’s not during the school pick-up or commuting to the office.

“You’re probably on a wonderful road in Tuscany, or Highway 1, or you’re going to a red carpet event,” says Busse, who holds the enviable title of Head of Design at Maserati, the iconic Italian car manufacturer. “Basically, it’s about emotion.”

At the luxury end of the market, the GranTurismo Coupe—priced between $375,000 and $450,000—is designed to transform the driving experience into something extraordinary. For Busse and his team, these “sculptures on wheels” are not just status symbols or exhilarating machines but expressions of pure joy. Their mission is to encapsulate that feeling and translate it into their cars.

“I really feel the responsibility to create emotion,” he says. “We have a wonderful word in Italy: allegria, which is best translated as ‘joyful.’ Our job as a brand is to lift you into this area of joy, perfectly positioned just short of ecstasy. It’s that tingling sensation you feel in your body when you drive the car.”

Even as 60 percent of the world’s population now lives in urban areas, Maserati’s design ethos captures the essence of “everyday exceptional.” Whether navigating city streets or open roads, a Maserati turns heads without being ostentatious or aggressive. “I’ve driven these cars all over the world, and no matter where I go, people smile at me and give a thumbs-up,” says Busse.

Since joining Maserati in 2015, Busse has reimagined and redefined the brand, steering his team through the reinvention of classic models and the transition to electric vehicles. Iconic designs like the Fiat 500, which entered the EV market in 2020, serve as a testament to Maserati’s ability to blend tradition with innovation.

Unlike other luxury car brands, Maserati embraces radical change with new designs every 10 to 15 years. Busse loves connecting with fans who follow the brand closely. He explains that each Maserati model reflects a specific era, from the elegant 35GT of the 1950s to the wedge-shaped designs of the 1970s and the bold aesthetics of the 1980s.

 

“I often ask fans, ‘What is Maserati for you?’ because their responses tell me so much about how they connect with the brand,” he shares.

Inspired by legendary Italian designer Giorgetto Giugiaro, Busse balances tradition with modernity in his designs. As Giugiaro once told him, “We always do the best in the moment.” This philosophy resonates deeply with Busse, who believes in honouring the past while embracing future possibilities.

Through advances in technology, techniques, and societal trends, Busse ensures Maserati remains at the forefront of automotive design. For him, the creative process is more than just a job—it’s a way to create joy, connection, and timeless elegance.