Beautiful one day, rich the next

City Pacific's founder Phil Sullivan and MFS co-founders Michael King and Phil Adams have become very wealthy thanks to Queensland's population and property booms.

Both companies rode the population and property booms that made the Sunshine State one of Australia’s hottest markets over the past five years. Both companies have operated at the pointy end of the financing and properties sectors, dabbling in mezzanine financing and alternative investments. And both companies have made their founders – City Pacific’s Phil Sullivan and MFS’s Phil Adams and Michael King – very, very wealthy. Sullivan’s stake in City Pacific is worth $154.5 million, while Adams and King own $109.9 million and $112.7 million MFS shares respectively.


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