Don't have any first hand knowledge, but it sounds believable. Say, there is another Spindle Point thread from June 2008 within this category which has about 50 posts and a lot of Spindle Point history & some photos.
For the record, the 10,000sf end property that includes the Spindle Point tower and a cottage sold last March for $750,000. It was originally listed in 2007 for 1,695,



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