Redeeming a pawn?

21 Hurlingham.jpg

Former Australian CEO of Queensland Bank's Stuart Grimshaw, now CEO of Texas-based pawn shop chain EZ Corp,  has listed 21 Hurlingham Drive  at $8.950 million, a significant mark-up from the $8 million he paid for it last year.

It has, or had, when James Moss of Blackstone Group owned it, a hockey rink, which doesn't sound like a selling point, and is "magazine ready" according to its listing. Does that mean it's got racks of assault rifles by the doors and windows, ready to be loaded, or something else? Beats me.

Given the dismal track record of Conyers Farm sales over the past decade, especially those, like this one, that sprawl across the New York border, I'm guessing that Mr. Grimshaw will be disappointed at his return on investment in this property.