THIS time last year Roamfree founder Tony Smith was flying high: he was rich – the fortune he made after selling Breakfree to MFS still intact; ambitious – lots of big statements about Roamfree; optimistic – building a Gold Coast beachfront mega mansion on land he’d bought for $27m. One year ago, give or take a day, he also dropped more than $11m on a couple of properties in Tamarama, a beautiful but dangerous beach in Sydney’s eastern suburbs.
Now it appears just about everything’s gone. MFS has collapsed, taking much of Smith’s wealth with it. Roamfree has just sacked a bunch of staff and Smith, the founder, is making no comment. Now, according to the Sydney Morning Herald, Smith has liquidated his property portfolio., selling the partly developed Gold Coast mansion for land vale ($28m) while offloading the Tamarama properties for about $800,000 less than he paid. The paper said Smith and his family have since relocated to a nice Mermaid Beach apartment worth more than $1m. What a difference a year makes. Travel Trends: May 19, 2008