Michael Hannan, non executive director of PMP is downsizing, having bought an Ikon penthouse in Potts Point for $8.5m following the $13m sale of his Woollahra property.

Hannan's new adobe was originally listed with expectations around the $10m for the two-bedder with Thomas Hamel interiors and 3.75 metre ceilings that was built atop the old Landmark Hotel more than a decade ago.

Hannan bought it from Leonard Harlan, privatre equity fund owner, whose wife Fleur is the former wife of Israeli Prime Minister Benjamin Netanyahu, and who paid $4,806,225 off the plan in 2003 for what was designed as a three-bedder as their Sydney base.

[Related: PMP appoints new CEO]

Hannan was previously executive chairman of IPMG before the company merged with rival printer PMP in March last year to form the largest integrated marketing services company in Australia.

The deal gave the Hannan family a 37 per cent stake in PMP, making it the biggest single shareholder, however the company's share price which was travelling well has tanked, down firom 78c in November to 36c today on the back of two profit warnings before the half year results were released, prompting industry wags to speculate that Hannan has had to downsize on the back of a $50m drop in the value of the stake.

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