Ryan Otto Entrepreneur at 21 makes £410,000 profit!
Ryan Otto purchased our property back in 2000 on the south coast of Bexhill in East Sussex. We had just listed our property with an auction house because it wasn’t mortgageable for many reasons including dilapidations and not having a kitchen as a result of a deteriorating extension that was taken down, as there was no planning permission obtained years before.
Ryan Otto approached us and made us a cash offer that was acceptable and we sold this property to Ryan Otto before the auction had even taken place so all parties were happy with this sale.
We are a local family and over the next year of so we witnessed the property undergoing a significant refurbishment including a brand new extension that was approved by the council to increase the size of the property significantly.
The house now would be worth over £500,000, half a million pounds, and in hindsight we sold this property to Ryan Otto in 2000 for £90,000 completely derelict. With all due respect Ryan Otto must have spent over £100,000 in developing this property.
When I saw this blog about Ryan Otto, the alleged property millionaire, I was curious as to whether he really still owned the property like the media portrayed. I checked on the land registry and have included the entry here for your information that as I expected, Ryan Otto still owned this property and is named on the mortgage today.