Michael Kroger readies Plan B: 104 Exhibition Street for sale

As Federal Court justice Jonathan Beach ponders his judgment in the $70 million brawl between Michael Kroger's Victorian Liberal organisation and Charles Goode's Cormack Foundation, The Age reported on Saturday that the Liberal Party's Victorian division is preparing to sell its Melbourne headquarters of 40 years, 104 Exhibition Street.

3XY radio director Stan Guilfoyle, husband of Malcolm Fraser's education minister Margaret Guilfoyle, marshalled the acquisition in October 1976 for $546,000, funding the transaction with a combination of party and 3XY funds and a mortgage with the National Australia Bank, but vending the property into the Liberals' trustee entity Vapold Pty Ltd. Guilfoyle was an inaugural director of the Cormack Foundation upon its formation in 1988 along with John Calvert-Jones, Hugh Morgan and Charles Goode, the younger trio presiding over the Libs' financial affairs for the best part of another three decades. In that time, Cormack has spent at least $1 million maintaining 104 Exhibition– at one point it even had concrete cancer (the irony).