According to DailyTelegraph.com.au, AC/DC founder and guitarist Malcolm Young and his wife Linda have spent AUD 10 million (approximately $7.9 million) on a waterfront property in Palm Beach, a northern beachside suburb of Sydney, in the state of New South Wales, Australia. The sale is said to be "the biggest on the northern beaches this year. The five-bedroom home is on an absolute beachfront site of about 520sq m and is among many multimillion-dollar properties in the street."
Malcolm Young was forced to leave AC/DC last year because he is suffering from dementia. He has been replaced by Stevie Young, nephew of Malcolm and AC/DC guitarist Angus Young.
Dementia can be reversed when it's caused by dehydration or other treatable conditions. But most forms of dementia worsen gradually over time and can't be corrected.
According to WebMD, the average survival time for people diagnosed with dementia is about four and a half years. However, those diagnosed before age 70 typically live for a decade or longer.
"You just expect that they are going to get better," AC/DC singer Brian Johnson said. "You think there's going to be a pill that's going to fix them. I don't know... You think there's going to be a miracle, and, of course, one day you wake up and realize there isn't, and it hurts."
The Sydney Morning Herald reported in September 2014 that Malcolm was being treated in a nursing home in Sydney, Australia. The facility was believed to be Lulworth House in Elizabeth Bay. A Young family connection told the newspaper, "If you were in the room with [Malcolm] and walked out, then came back in one minute later, he wouldn't remember who you are. He has a complete loss of short-term memory. His wife, Linda, has put him in full-time care."
Malcolm did not participate in the recording sessions for AC/DC's new studio album, "Rock Or Bust", which arrived on December 2, 2014.
Stevie Young played with AC/DC once before during a 1988 tour, while Malcolm stepped out to deal with his dependency on alcohol.