'Less is more': Greg Norman to scale back $400m business empire
Greg Norman has revealed his plans to scale back his $400 million business empire and move home to Australia.
The Aussie golf legend has 13 businesses in course design, apparel, hospitality and real estate, but wants to reduce his portfolio by more than half over the next five years.
“I’m skinning down,’’ Norman told the 'Four Courses' podcast this week.
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The 66-year-old has sold two of the properties he owns with wife Kirsten Kutner in recent weeks, with a desire to eventually return home to Australia.
Norman and Kutner have parted ways with their $77 million Florida home, as well as a $52 million ranch in Colorado.
The former World No.1 said he's reached a stage in his life where he wants to wind things back a bit.
“As you progressively get gracefully older you find an interesting balance in yourself," he said.
"The materialistic things you liked 25 years ago, you go ‘why did I even have those then?’
“It was ego, it was a statement because look what I can do, I’ve got this.
“You look at it today and (think) less is more, I don’t need that, I don’t need this. It’s amazing … you actually sit back and realise that I don’t need another X millions of dollars.”
While not revealing which businesses he will sell, Norman said: “Every business should be able to wash its own face.
"If you’re running a business on a break-even proposition, you’re spending that same amount of time to break even as you are on a business that’s making a profit, right … so why? Why are you spending all that time on this?
"It’s not easy because a lot of the businesses have been around for quite a long time.
“Now you start thinking about estate planning and how do you plan that out for 100 years time from now for my great, great, great-grandkids."
Greg Norman heading home to Australia
Last month, Norman revealed he'd found a buyer for his $52 million Colorado ranch.
The 66-year-old bought the Seven Lakes Lodge in Meeker, Colorado for $12 million in 2004.
Norman and his wife originally listed the property for $71 million in 2016, but had to settle for $19 million less.
Norman also sold his home in Jupiter Island Beach in February, reportedly to the family of billionaire Leslie Wexner.
In farewelling the Florida home, Norman's wife Kirsten revealed the couple are heading Down Under.
“Our beloved Shark Shack. Boy will we miss it," she wrote on Instagram.
"Hope to recreate it some day soon in Oz!”
Speaking to Stellar magazine in January, Norman revealed his desire to move home to Queensland.
“I miss Australia. I miss the way it sounds," he said.
"Not long ago, I was on the phone with my parents and the sounds of the bird life in the background was something else.
“And the smell of Australia … it’s so clean and fresh.
"I love the coffee and I miss the people; they’re so easy going … I want to get back to Australia as soon as I can. To tell you the truth, I think about coming home every second day."
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