Real Estate mogul John McGrath has sold most of his shares in the REA group, netting himself a tidy $14.4 million.
REA Group, which was established in 1995, is the country’s largest operator of residential and commercial real estate websites.
According to a report in The Australian, Mr McGrath yesterday sold two million shares at $7.20 each.
While Mr McGrath declined to comment, a spokesperson told the daily that he had sold his shares to diversify his investment portfolio.
Despite being left with only 139,086 shares, the spokesperson said that Mr McGrath would remain on the Group’s board.
“He is still very much a believer in the company,” the spokesperson said.
Mr McGrath is a past chairman of REA and has been on the board since it was listed in 1999.