Off market Toorak deal worth $40m sets a Victorian state record

The record price for a residential property in Victoria has been smashed by almost $14 million following an off-market “done deal”.

The St Georges Road, Toorak, property is exchanging hands for $40 million, it can be reported, following a confirmation by the agency which sold it.

The result comfortably exceeds the $26.25 million record set in December, when, after reportedly separating, retail entrepreneurs Daniel and Danielle Besen sold their new Towers Road, Toorak, home to Netflow managing director Phil Dreaver.

That Besen sale broke the state’s previous price watermark of $26 million, established in 2010 when Computershare co-founder Michele O’Halloran sold Portsea’s Ilyuka to BRW Rich List member John Higgins.

Last year, a contemporary Toorak mansion in Robertson Street, with an internal area of nearly 1600 square metres, was sold by members of the Smorgon family for $24.1 million, temporarily setting a metropolitan Melbourne (but not Victorian) price record.

RT Edgar is behind the latest $40 million off-market negotiation.

The exclusive and tree-lined street between the Yarra River and Toorak Road is considered, with nearby Albany Road, to be Melbourne’s most exclusive.

Last year, developer Harry Stamoulis moved into an enormous mansion he built on the 39 St Georges Road, Toorak, site, he bought for $24 million in 2010. Given the luxury appointments said to be in the Stamoulis home, agents have speculated it to be worth well in excess of $70 million.

Idylwilde, razed in 2015, occupied 16 St Georges Road, Toorak

In 2015 the street made headlines when the distinctive c1913 Idylwilde at number 16 was demolished after being acquired by Xiaoyan “Kylie” Bao for $18.5 million in 2013.

UK-based actor Daniel Radcliffe also retains a luxury apartment in the street (the Harry Potter star unsuccessfully tried to sell 98B for about $2.5 million in early 2015).

Asian property tycoon David Yu paid $5 million in 1991 for a French Renaissance style mansion on one of the street’s biggest holdings, 29 St Georges Road, which he subsequently, famously, left vacant.

Edzell House at 76 St Georges Road, Toorak

In 2007, Liberal party powerbroker and FlexiRent founder Andrew Abercrombie paid US executive Bob Edgell and his wife, Fena, a part of the Indonesian royal family, $14 million for a then near-new St Georges Road home.

 

In 2013 Mr Abercrombie added to his street portfolio, buying the historic 6023 square metre holding, Edzell House, from Michael Spivakovsky, who inherited it from his father, acclaimed pianist Jascha, who reportedly entertained Dame Nellie Melba there.

In business documents, Mr Abercrombie was also connected to another recently sold St Georges Road house which, like Edzell House, has direct Yarra River frontage.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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