The alleged plight of real estate guru John McGrath calls to minds an anecdote, probably apocryphal, from the late Lord Lucan.
Do you gamble? Lord Lucan asked a friend.
She replied that, like most people, she enjoyed the odd flutter on the horses.
Gambling is when you bet something you cannot afford to lose, was Lord Lucan’s reply.
McGrath has admitted he likes the occassional flutter but rubbished claims that he owes more than $16 million to Australia’s least favourtie bookie: Tom Waterhouse.
The rumour has floated through the gambling industry for some time now and has shadowed his actions.
When McGrath abruptly quit the board of the Rupert Murdoch-controlled Realestate.com.au (REA) group last m…
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