Westpac chief executive buys a slice of the good life

GAIL KELLY, the boss of Westpac, has splashed out about $9 million on a Terrey Hills acreage property in Sydney, highlighting the deep pockets of bankers at the recession-proof end of town. The acquisition cost Ms Kelly less than one year's income before tax.

It's a record price for a northern beaches equestrian property. The two hectare resort-style property comes with a five-bedroom, five-bathroom house. There is also a guesthouse on the bushland estate with views towards the city skyline.

It was sold by former Vivendi Water chairman Kevin Doyle, who bought it for $3.65 million in 2005.

The new acquisition comes with heated indoor pool, spa, floodlit tennis court and equestrian facilities with Olympic arena.