Rich Lister, Tracy Gough, explains why he bought Thornycroft for $ 6.8 million

The new owner of Christchurch's majestic Thornycroft House, priced at $ 6.8 million, was revealed as a wealthy journalist, Tracy Gough, who said he bought it because it's not a big deal. was acting as "work of art".

The Gough family's fortune is collectively valued at $ 370 million, although its siblings all have their own commercial interests in addition to the Gough Group's interests in importing industrial vehicle brands such as Caterpillar.

Gough stated that he would maintain Fendalton's property in its present majesty, with the exception of a garage in private, in style, which would house his seven vintage cars. .

"There will be no change, it's beautiful like that, it has undergone major renovations costing nearly $ 4 million."

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The renovations were completed after the 2011 earthquakes, which affected a number of properties on Glandovey Road due to the Wairarapa Creek boundary, and the waterway properties were the most affected by the ground movements. and liquefaction.

Previously, Gough owned a house overlooking the creek and kept the 1600-meter section that he will sell to make up for the price he had paid for Thornycroft. He also received a $ 4 million payment from the radiation of this house. Some apartments that he owns in the neighborhood have been repaired.

The repairs at Thornycroft included new weather boards, interior linings, and chimney removal.

The par value of the property was less than $ 3.1 million, but the value of the repair work was well above what many people would pay for a new property, and the same is true for many properties in Christchurch which had been repaired with a value well above that of the owners. would have done, he says.

"I fell in love with it years ago, when I was cycling past as a schoolboy.When it was auctioned, I was afraid for more than a month than someone like Shania Twain. the way and buys because the money is not good to object to some of these people.

"One of the reasons I bought it was because I planned to build a new house after the demolition of my other property, but my son would probably sell it after I died, and I wanted to leave family heirloom that is Thornycroft. "

Gough's son, Jamie, is a city councilor in Christchurch. He and his wife have a baby, Tracy's first grandson, who, he says, will be a regular visitor.

"It's a beautiful property." When you stand in front of the entrance and look at the tall trees, it's like you're in the cathedral of nature. are not stunned by her, you are not alive. "

Gough said that he considered his cars the same way: it was works of art rather than machines to test their speed.

His collection included an E-type Jaguar, a Bentley and a convertible Rolls Royce. Most of them were bought at a reduced price, either because they were old demo vehicles, or for other reasons. But as collector coins, their value will increase one day, he said.

One of the other improvements that Gough could bring to Thornycroft was to install a better pool heater to replicate the one he owned in his current $ 2 million to $ 3 million residence at Golden Elm Lane.

"I love to swim in. The pool is well heated and I can put YouTube on the hi-fi and listen to orchestral music while swimming in this wonderful heat."

Gough has other interests in commercial real estate, such as the former Tiffany restaurant restaurant that he is restoring for an upcoming reopening.

But he also puts time aside to help take art lessons for the elderly.

"It's so nice to give something back, it's wonderful to see the feeling of satisfaction that people feel when they complete a drawing or a painting.

"I'm now 74. My great-great-grandmother arrived on the Randolph in 1850. They had only one dream and their gardening skills, so I think I'm a very lucky person to be able to buy Thornycroft.