Former The Good Guys Boss Goes Up, Up And Away
Flush in $870m in cash after flogging The Good Guys to JB Hi Fi, Andrew Muir, the son of Andrew Muir, the founder of the big appliance retailer has taken possession of a Dassault Falcon 900 14-seater jet.
The second-hand deal via his private Company Charreo comes as he is also looking to raise $130M from the sale of 15 The Good Guys stores. According to the AFR, the French-built runabout was previously based in the Netherlands, and even with a few nautical miles on the clock, they doubt Muir would’ve got much change from $10 million for it.
The plane is registered to a Toorak home which Muir bought from former Telstra director Steve Vizard for $17.75 million in 2007.
Prestige residential agents estimate the Orrong Road mansion would change hands these days for more like $40 million. Some say renting the new Falcon would have been cheaper.
Felix Dennis, a UK tech publisher who went on to flog several businesses reckons, you’re not really rich until you’ve got at least US$150 million. Once you’ve got US$800 million, he reckons, you’re properly, filthy rich. Now the Muir’s will make the cut once they’ve trousered another $130 million for their 15 sites.
JB paid 11.7 times earnings for The Good Guys.