The next round in the amazing downfall of fitness company F45
Sydney’s picturesque seaside manor owned by F45 co-founder Adam Gilchrist will be hammered after the Australian fitness giant’s stunning fall.
Gilchrist (not a cricketer), who stepped down as chief executive of F45 last week amid plummeting shares and company-wide layoffs, is selling his “waterfront trophy house” at Freshwater on Sydney’s north coast.
The house, 52 Ocean View Rd, rose to prominence in 2018 when Gilchrist and his wife Eli purchased the property for $14 million due to a minor dispute with neighbors.
The couple had purchased a three-bedroom cottage at 50 Ocean View Rd for $5.4 million in 2017 and plan to spend $2.5 million developing the property.
But neighbors complained that it didn’t match the building’s height or control limits, which led Gilchrist to take the extraordinary step of withdrawing his proposal and settling the issue by buying his neighbor’s larger house for an obscene amount.
The $14m price tag is a record for suburban Freshwater, with agents considering the sale of giant 52 Ocean View Rd as a higher price.
But the three-story house is back on the market, with real estate agents billing it as “unquestionably one of the best homes and locations in Sydney”.
“State-of-the-art architectural design and an unrivaled beachfront setting combine in this sophisticated luxury residence to deliver the ultimate designer beach house,” the home description reads.
“Set against a picture-perfect backdrop that sweeps waves into the ocean horizon and North Head, this three-level residence features living areas and lift access to all three levels and has been appointed and furnished with every luxury imaginable.”
Features of the house include five bedrooms, three bathrooms and a giant window that opens in the dining area.
Mr Gilchrist abruptly announced last week that he was stepping down as chief executive of F45 after co-founding the business with Rob Deutsch in 2013.
The company also said it would lay off 110 staff and cut its operating costs, causing its share price to drop more than 60 percent.
F45 hopes that by reducing its corporate workforce by 45 percent it can return to positive cash flow.
Mr Gilchrist said he would be “forever grateful” when he left the company.
“To the staff who have worked tirelessly since our inception, you have been outstanding in your efforts, and I am grateful for all your support,” Gilchrist said in a statement.
“To the investors who have joined us along our journey, I thank you for your commitment to the F45.
“Finally, I am forever grateful to our franchisees who provide the world’s best training every day to F45 members around the world.”
Mr Deutsch, who stepped down as chief executive and sold his stake in the company in 2020, said there were “big problems that need to be fixed”.
“Never in my wildest dreams could I imagine this,” she wrote on Instagram.
“When I went out, and sold the F45, I left a phenomenal healthy business. From corporate culture to the beating heart of a business… practice. The F45 is special.
“I really hope all of the 110 staff laid off find happiness and opportunity elsewhere.”
F45 was a global gym before its stock shock last week, with more than 1500 studios in 45 countries and Hollywood superstar Mark Wahlberg among its investors.
Gilchrist made $500 million a night when the company went public on the New York Stock Exchange in July last year.
His home in northern Sydney will go up for auction on 27 August.
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