The second largest shareholder in the REA Group, The Ray White Group, has sold its complete holding – 13.5 million shares at $5.75 per share for a total of $77.6 million. That represents a change of ownership of 10.6 percent.

REA Group said in a statement that the sale of shares were to “existing and new shareholders with the greater number of the shares being sold to new shareholders.” No word yet on who those new shareholders are (we’ll update you as soon as we know).

The Ray White Group first became a substantial shareholder in the REA Group August 2002 when it acquired 15.8 percent of the shareholding from Macquarie Bank at around $0.15 per share.

Sam White will retain his personal shares in REA and will remain a director on the company’s board – a position he has held since September 2002.

White said that he remains “committed to the REA Group as both a shareholder and as a member of the board. The sale of the shares owned by the Ray White Group will allow Ray White Group to invest back in our core family business and fund other emerging opportunities.”

REA put a positive spin on the change: “We are excited about the expansion of the share registry across the Australian investment community, Greg Ellis, REA’s CEO said. “I am also pleased that Sam remains a board member and shareholder.”

“As a business we still see Sam White as both an important customer and a valuable member of our board, taking into consideration his knowledge and expertise in the property market,” he added.