In November 2007 the grandfather of the modern retirement village industry, Melbourne’s Mr. Zig Inge, sold his 17 villages and 8 development sites at the top of the market for $641 million to Macquarie Bank’s Retirement Villages Group (part owned by FKP/Aveo). Because of the sale he can’t build villages for some time (he is also in his late 70’s) so now his group has purchased for $15m the famous Baillieu mansion in Toorak for a residential development.