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Ruslan Kogan’s Parents Go From Housing Commission Home To $20M Digs

Ruslan Kogan is out splashing the cash again, first up it was flash cars and a Toorak mansion for himself, now he has forked out $20M for a new Toorak pad for his parents.

His mother Irene and father Alex now have swanky new digs at in Grant Ave Mosman a stone throw from their son who has gone from being a loudmouth spruiker who reneged on a big bet with JB Hi Fi boss Terry Smart to today ducking for cover from questions about his run ins with the Australian Competition & Consumer Commission.

In five years, he has managed to deliver share growth of 532% which is not bad for a kid from Belarusian parents.

Despite Kogan’s fortune shrinking in the wake of a May profit by Kogan.com that sent the shares to a thirteen-month low the business has bounced back with shares trading today at $9.36.

When the business floated the shares were $1.80, they immediately fell 30%.

According to the AFR records show a caveat in the name of Mr Kogan’s mother Irene on the property, which vendor Wendy Healey acquired in 2001 for $3.2 million.

Prior to floating Kogan.com Ruslan Kogan’s father Alex, an engineer, drove a taxi, and worked at the Queen Victoria Market, he also delivered pizzas and pamphlets.

The family lived in a public housing commission flat in Elsternwick, in Melbourne’s South eastern suburbs.

Kogan said during one interview “My parents were struggling to make ends meet. They were working three or four jobs each at the time.”

The Grant Avenue home on 1200 square metres is less than 2 kilometres away from – but still half the price of – the pile Mr Kogan acquired in 2018 (he married wife Anastasia Fai Kogan the next year), when he paid $38.8 million for the Chastleton Avenue home of telecommunications investor Philip Cornish.

 

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