It takes his selldown for the year to more than $70 million after he sold another large parcel in the $3.2 billion company earlier in the year.

Pherous, who founded CTM in 1994, has always used the dividends from his holding in the company for income, but since the pandemic hit the company has not had any shareholder payouts.

However, even without an income, Pherous has not lived a modest lifestyle. He bought the block of land in New Farm for $11.3 million in 2018 and was earlier this year building a four-level, six-bedroom mansion on it, at an estimated cost of $20 million.

Pherous maintains a 12.78 per cent stake in the company, equal to more than $400 million.

The company, which was hit hard by the pandemic, recently reported a return to underlying profit on an EBITDA basis in the fourth quarter.

Pherous’s stake was sold through Morgans to fund managers.