Theatre king David Marriner sells Chanel building for $75m

Melbourne theatre king and renowned developer David Marriner has secured a blockbuster retail property deal in the city’s luxury shopping precinct after selling the flagship premises of fashion giant Chanel for more than 10 times what he paid for it over a decade ago.

Property records show Mr Marriner’s JK&D Developments sold the six-level 1920s building at 42 Russell Street (next door to the Grand Hyatt) for $75 million to Chanel’s ultra-wealthy owners, the Wertheimer family. Mr Marriner paid just $7.4 million for it in late 2009.