Cricket cheat David Warner could be forced to sell some of his luxury Sydney homes as he prepares to lose millions during a year-long ban.
Warner’s $900,000 Cricket Australia contract, before hundreds of thousands in bonuses, has been suspended and his $2.4million Indian Premier League deal torn up after he masterminded a plan to cheat against South Africa last Saturday.
Now with personal sponsors LG, Asics and Nestle’s Milo severing ties, he may be forced to liquidate part of his $10million property empire to prepare for a financial crisis, The Daily Telegraph reported.
David Warner (pictured with wife Candice and their two children) may be forced to liquidate part of his $10million Sydney property empire as he prepares to lose millions during a year-long ban
Warner’s $900,000 Cricket Australia contract has been suspended and his $2.4million Indian Premier League deal torn up after he masterminded a plan to cheat against South Africa last Saturday
Pictured is a Maroubra property the Warners bought for $2.33million in November 2016
The 31-year-old and his wife Candice have invested heavily in the lucrative Sydney property market with six addresses in Maroubra, on the city’s eastern beaches.
A valuer visited some of the properties on Thursday to compare their worth to outstanding loans, according to the publication.
The jewel in the Warner’s property crown is a four bedroom, two bathroom home which overlooks the ocean from a clifftop.
They spent $3.9million on the home in December 2015 before bulldozing it and drawing up a $4million rebuild.
Their portfolio also includes a $2.3million contemporary, beachside home which they bought in November 2016.
The four bedroom home (pictured) boasts its own master terrace courtyard, guest studio, basement storeroom and wine cellar
The Warners also own a two bedroom unit (pictured) on Broome Street, Maroubra – bought for $975,000 in July 2017
The jewel in the Warner’s property crown is a four bedroom, two bathroom home which overlooks the ocean from a clifftop (pictured)
Out of the six properties the Warners own, four are in Candice’s name only. Pictured: Their Hereward Street, Maroubra property
The four bedroom home boasts its own master terrace courtyard, guest studio, basement storeroom and wine cellar.
Out of the six properties the Warners own, four are in Candice’s name only.
The properties in her name were bought for $3.98million between September 2015 and August 2017.
It’s understood Warner has channeled most of his wealth made from playing cricket into properties, ensuring his family would be financially protected by a career ending injury – or suspension.
The amount still owing on all the properties isn’t believed to be excessive, according to The Daily Telegraph.
The properties in her name were bought for $3.98million between September 2015 and August 2017, including this two bedroom home in on Maroubra Street, Maroubra
It’s understood Warner has channeled most of his wealth made from playing cricket into properties, ensuring his family would be financially protected by a career ending injury – or suspension. Pictured: The building block of one of the Warners’ Maroubra investments
The amount still owing on all the properties isn’t believed to be excessive, according to The Daily Telegraph. Pictured: The building block of one of the Warners’ Maroubra investments
Economist Dr Andrew Wilson told the publication that the Warners had invested wisely, and there is no need for them to sell yet.
‘His investments look to be right on the money … the southern part of the eastern suburbs is popular with buyers and these areas have seen a significant upsurge in growth,’ Dr Wilson said.
‘There’d be a big demand on Airbnb [for the properties].’
It’s understood the Warners would be able to live mortgage-free in their primary residence if they were to sell all investment properties.
Warner’s finances are managed by high-profile Sydney accountant Anthony Bell.
It’s understood the Warners would be able to live mortgage-free in their primary residence if they were to sell all investment properties. Pictured: David and Candice Warner’s waterfront mansion in Coogee, which they sold for $7million
Pictured is David and Candice Warner’s waterfront mansion in Coogee, which they sold for $7million
The amount still owing on the Warner properties isn’t believed to be excessive, according to The Daily Telegraph