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Written by Marc Pallisco
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Wednesday, 10 March 2010 09:57 |
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The record price for a house in Melbourne has been smashed for the third time in four months.
Former soft drinks distributor turned property developer Harry Stamoulis is speculated to be paying $25 million for a massive estate at 39 St Georges Road, Toorak, which includes a seven bedroom unrenovated mansion – once the family home of Opposition Leader Ted Baillieu.
The Baillieu family put the house at a trough in the prestige property market in 2008, where it eventually sold for $14.8 million to private investors the Zig Inge Group, who develop mainly retirement communities.
Mr Stamoulis is expected to demolish the existing federation home to build a new home – however the site could make way for several new homes, and/or a medium density development.
Indeed the Baillieu family sold off a large chunk of the family home’s former yard, which developers replaced with houses, townhouses and apartments.
Late last year a home in Shakespeare Grove Hawthorn sold for about $20.5 million (which may have included an elaborate furniture and art package), breaking a record set weeks earlier, when an Orrong Road Toorak property sold for about $19 million.
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