Sydney  - An 9-year-old watched his father gunned down in what looked like a contract killing, Australian news reports said Friday.

Property developer Michael McGurk, 46, died beside his black Mercedes after being shot once in the head Thursday in the driveway of his Sydney mansion.

McGurk, described as a "lender of last resort," was due Friday in court over a property dispute.

The father of four told a local journalist a week ago that he feared a professional hit man had been hired to kill him.

Mother-in-law Noreen McDonald told national broadcaster ABC that, after witnessing the killing, her grandson ran into the house and screamed to his mother: "Mummy, mummy, mummy! Quickly, Daddy."

"She raced out. He was bleeding all over the place," McDonald said.

Last week, assault and arson charges against McGurk had been dropped following the fire-bombing of a luxury residence. (dpa)