News over the weekend that entrepreneur Therese Rein and her husband Kevin Rudd have made an offer on a $5 million Noosa mansion should come as no surprise.
Rein, when she sells the Australian arm of her global empire, employment agency Ingeus – which at present has $200 million revenue – could reap more than $100 million. The sale is still being negotiated, but Rein will know by now exactly what she is worth, and as an entrepreneur will be thinking about how to invest that money wisely. She will also be looking for a way to reward the family for the incredible hard work and sacrifice of the last few decades.
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What better way to test the market than to rent. Apparently Rein and Rudd have paid $10,000 a week to rent the house a few times and have now approached the owner about selling.
The $5 million house at Sunshine Beach, near Noosa, is reported to have five bedrooms, 180 degree views of the ocean, set on thee levels and an in-ground pool.
Of course it was described as an unwelcome development for Labor, with one union leader saying that Kevin Rudd has little in common with the battlers.
So what will be said when Rein invests the rest of her profits? If she sinks her money into listed companies she and Rudd may be accused of conflicts of interest. Same with listed properties.
Stand by as the tall poppy syndrome in Australia attaches itself to Rein and goes for another long run.
What do you think? Is it a bad move by Rein? Should she put the money in a blind trust for others to invest and avoid conspicuous consumption for Rudd’s sake? Send your comments to firstname.lastname@example.org