exclusive-Mel's fire sale

Mel & Bruce Davey

What is behind Mel Gibson's disposal of so many properties ?.

He has sold off his New York house and a beach house in Malibu is on the market.

Now there is a rumour from a reliable source that Mel's partner in Icon Films, Bruce Davey may be putting Craigend  up for sale. Craigend in Point Piper is one of the elite suburb's most iconic properties with a commanding view of the harbour.

Davey and Gibson purchased Craigend  in 2001 for $16M and announced it was to be the headquarters of their burgeoning film production company Icon which has produced 3 box office success- Apocaypto, The Passion of Christ and. Braveheart. These 3 films pushed Mel into billionaire status and has made him one of the richest of Hollywood stars. The 2 producers announced last year that Icon was going into a production hiatus.

Craigend

Tales of the demise of Mel's career are of course greatly exaggerated. As an actor/director who has total control over his career, Mel calls the shots. But he has taken a thumping on property prices as he sells up just at the wrong time. The Sydney market has also gone quiet for high end properties.

As we exclusively reported earlier actor Russell Crowe and wife Danielle Spencer viewed Altona, on the market for $45.5M but owners Deke & Eve Miskin have rejected an offer from Crowe  of $36M. It's doubtful the Miskins will get their asking price in today's market.

It's a buyer's market. What has spooked Mel ?

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While Gibson and Crowe can play the property market with ease, things go from bad to worse for budding property developer Gary Baker and his wife, Chanel boss Karin Upton Baker as their property empire collapses under a sea of debt.

The Bakers are heavy duty social scene members but have gone quiet recently with a Supreme Court battle over money lenders and loans on their sumptuous pride of joy, an Elizabeth Bay duplex that has been the locale of many parties for visiting celebrities.
The duplex has a 3 car garage with a turntable that housed their series of black autos with XXX number plates- a Rolls Phantom, a Bentley Continental and a vintage pagoda style Mercedes. The Merc is regularly put up for sale and withdrawn-it's Karin's favourite car and she is finding it hard to part with.

Now it seems Gary is finding it hard to part with some of the properties that have been his financial downfall. After a finance company took hold of 3 Bondi Beach apartments that were once owned by the late singer Peter Allen, an auction on the weekend of one of his Bellevue Hill apartments saw Baker hovering around the auction, pulling funny faces at prospective buyers and generally acting slightly odd.

Gary is also said to have photographed a member of the press who had been "stalking him for 20 years".