Kerryn Phelps with partner Jackie Stricker-Phelps, right, and daughter Gabrielle at their Potts Point home. Picture: Sam Ruttyn
Kerryn Phelps with partner Jackie Stricker-Phelps, right, and daughter Gabrielle at their Potts Point home. Picture: Sam Ruttyn

How Kerryn Phelps made her fortune

EXCLUSIVE: THEY aren't in the league of Lucy and Malcolm Turnbull, but compared to just about everyone else in Australia they are filthy rich.

Kerryn Phelps - set to replace the former PM as the federal member for Wentworth - and her partner Jackie Stricker own about $18 million of property, a News Corp Australia investigation can reveal.

The portfolio includes two medical practices, two apartments with expansive views of Sydney Harbour and a country estate on the way to Canberra.

News Corp Australia can reveal the couple appear to be at least $8 million ahead on what they paid for their five jointly owned properties, the most valuable of which is a four-bedroom Potts Point unit estimated to be worth $5.6 million.

Inside the Potts Point, NSW, four-bedroom unit. Picture: Supplied
Inside the Potts Point, NSW, four-bedroom unit. Picture: Supplied

They recast their portfolio in March 2015, selling a waterside home in Bundeena for $3.3 million - $2.4 million more than they paid for it - while also buying a manor in Bowral for $2.4 million and the site of a medical practice in Surry Hills for $2.55 million.

The couple also nearly doubled their money on an Elizabeth Bay property, bought in 2002 for $1.8 million and sold four years later for $3.4 million.

However, they haven't always come out in front on their property investments.

Records indicate they lost $100,000 on a Double Bay townhouse purchased for $2.4 million in 2006 then sold for $2.3 million in 2011.

Dr Phelps does not appear to hold current directorships in any public companies, apart from the structure behind an integrative medicine association.

 

art work for d t
art work for d t

She and Ms Stricker did recently establish a new company for their superannuation, called Nom de plume - a name they also use for an investment company.

The most noteworthy directorship in Dr Phelps' past was in the late 1990s when she was recruited in to chair the ill-fated Satellite Group - billed the world's first publicly-listed "pink" company.

Satellite was a gay media and property business that raised $25 million in 1999.

It pitched itself to investors on the promise of a net profit of $4 million in the year to June 2000 and nearly $5 million the financial year after that. But by November 2000 it was in administration.

Dr Phelps had left in August after failing to convince other directors to put Satellite into voluntary administration. The company's managing director was later jailed over use of Satellite's money while at the helm.

There has never been any suggestion Dr Phelps did anything wrong.

 

PHELPS INC

1 Cooper St, Double Bay, bought on November 17, 1998 for $1.6m

Estimate now: $5.5m

4 Manor Rise, Bowral, bought on March 3, 2015 for $1.525m

Estimate now: $2.4m

1503/81 Macleay St, Potts Pt, bought on October 21, 2011 for $3.4m

Estimate now: $5.6m

421 Bourke St, Surry Hills bought March 26, 2015 for $2.55m

No current estimate

402/1A Tusculum St, Potts Pt, bought June 13, 2013 for $860,000

Estimate now: $1.3m

 

The $2.4 million Bowral manor. Picture: Supplied
The $2.4 million Bowral manor. Picture: Supplied


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