Myer Family Pays Record $18.4 Million For The Sisters Estate, Sorrento

Interests associated with Melbourne's Myer family have paid $18.4 million for the historic "Sisters" estate in Sorrento.

The price eclipses the highest price paid for a home in Victoria beating the $18 million art dealer Rod Menzies paid for the Stonington mansion in Glenferrie Road last year.

It is reported the wealthy Shelmerdine family picked up the property at auction for far less than the $20 million price offered throughout the campaign. The property's reserve price was $19 million however because the asset is part of an estate, the banks were forced to accept the lower offer.

The 1.2 hectare property with direct access to Sullivans Bay is expected to be developed as an individual home, or a family "compound" enclave.

"The Sisters" precinct was settled by Lietenant Governor David Collins in 1803 who bought a crew of 458 convicts, soldiers and free settlers to the precinct. It is believed to be the site of Victoria's first European settlement.

Since 1890 the land has been owned privately. The most recent owner was eccentric gay millionaire Peter Rand. The property was to be sold after his death in 1997 however a legal challenge by a Toorak couple over ownership dragged the matter in the courts for more than ten years.

Before the sale of "The Sisters" the highest price paid for a beach house was set in 2006, with retirement village operator Charles Jacobsen paid $14.5 million for the former estate of Sir Reginald Ansett in Mt Eliza. That property is expected to be redeveloped into three homes for Jacobsen and his family.

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