Michael Hannan, former chairman of IPMG and current non-exec director and major shareholder at PMP, has sold his $13m Woollhara property, swapping out for an $8.5m penthouse in Potts Point, Sydney.

In 2010, Hannan spent $8.5m to secure two of the Packer family’s three blocks at Woolhara, which has now pulled in a tidy $4.5m in profit for the 1520sqm home.

As a backdrop to the sale, this is the second attempt that has been made, following an unsuccessful attempt by Eddie Obeid’s former lawyer, who was implicated in a major tax fraud, allegedly receiving $24m in blackmail funds.

Hannan was the executive chairman of IPMG prior to its PMP merger. He now sits on the board of PMP as a non-executive chairman, in a deal which gave the Hannan family a 37 per cent stake in PMP, and the biggest single shareholder.

However after an upward trend during the five years of Peter George’s tenure as PMP CEO the company's share price has has fallen over the precipice, down from 78c in November to 33c its lowest price since January 2013, effectively slashing the value of the Hannan stake by 60 per cent or more than $60m.

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