Former Prime Minister Kevin Rudd Puts Canberra House Up for Sale for A2.25m; bought in Sep 2010 at A$2.175m

Former Prime Minister Kevin Rudd Puts House Up for Sale

Former Australian Prime Minister Kevin Rudd has put his five-bedroom house in Canberra up for sale with an asking price of A$2.25 million ($2.18 million) after abandoning any aspirations to again lead the country.

The 465-square-meter (5,005-square-foot) house in the suburb of Yarralumla, a five-minute drive from Australia’s Parliament House, was listed for sale on May 29, said Shane Killalea, an agent at broker Peter Blackshaw Canberra, who is marketing the property. Rudd and his wife Therese bought the house in 2010. They moved out at the end of 2011 after their son Marcus completed his schooling in Canberra, Rudd’s office said in an e-mailed statement.

Rudd, 55, became prime minister when the Labor party won power in the November 2007 election. The former diplomat, who represents the seat of Griffith in Brisbane where he lives, was ousted in a late-night coup that installed current Prime Minister Julia Gillard in June 2010.Rudd failed to win back power in a February 2012 challenge and resigned his position as foreign minister to serve on Labor’s backbench. He declined to challenge Gillard when she opened up her leadership to a ballot in March, later saying there were “no circumstances” under which he would lead the party again. He said then he would seek re-election to his current seat.

“Mr. Rudd has said on many occasions he will contest the next election and serve a full term,” according to today’s statement. “The current tenants have indicated they would like to purchase another house and therefore it is an appropriate time to put the house on the market.”

Swimming Pool

The average home price in Canberra rose 2.7 percent to A$495,000 in April from a year earlier, according to Brisbane-based researcher RP Data. The median price of detached homes in Yarralumla is A$1 million, according to the allhomes.com.au website.

Rudd bought the property in September 2010 for A$2.175 million, according to the allhomes.com.au website. The house, which has four bathrooms, double ovens in the kitchen and an outdoor entertainment area and swimming pool, will be open for inspection on June 1 and June 5, according to the listing on the realestate.com.au website. The tenants are expected to move out in four weeks, Killalea said by telephone today.

“We’ve had a lot of interest from local and interstate buyers and also from overseas buyers,” he said.

To contact the reporters on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net; Jason Scott in Canberra at jscott14@bloomberg.net

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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