For those who do not know the infamous story of Kerry Packer and Alan Bond, here goes:
Back in 1987, Kerry Packer sold Australia’s Nine Network to Alan Bond for AU$1.05 Billion.
3 years later, Alan Bond’s company went down and the network was in trouble. Kerry bought it back for a mere $250 million.
Today Nine Network is still part owned and operated by the Packer family.
Now, James Packer (son of Kerry) has been on the Alan Bond side of a recent business transaction.
In 2007 James’s company, PBL, along with their partnership with Microsoft, bought Myhome.com.au from Shane Dale for AU$8 million.
A year later, and the site was recently closed down a couple of weeks ago. PBL is estimated to have spent $20 million on Myhome.com.au with no gains.
Media claims that Shane Dale, recently bought back Myhome.com.au for AU$1.8 million. However, Mr Dale said the numbers are not right, but did not confirm its accuracy.
It is apparent that PBL and Microsoft / Ninemsn had no real understanding of the online real estate market.
What are you going to do with MyHome.com.au, Shane?
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