Businessman Ahmed Fahour – who was until recently Australia’s highest paid public servant – has temporarily withdrawn his landmark Hawthorn estate, Invergowrie, from sale.
The 1.023 hectare parcel in Coppin Grove was expected to trade for between $40 million to $44 million when it hit the market four months ago.
Last Monday the online advertisements for the property cited the estate as “withdrawn”. By the end of the week, these advertisements were gone.
Invergowrie, which was listed by Marshall White’s Marcus Chiminello, is expected to be discretely marketed for sale in coming months, possibly before a campaign is relaunched later this year. This off-market strategy is not an uncommon practice for properties in this price stratosphere.
Mr Fahour paid $22 million for the home in 2013 following an off-market deal. After subdividing and selling off a portion of the land with frontage to Shakespeare Grove, the businessman embarked on a $4.5 million renovation of the estate’s main Colonial Gothic style bluestone mansion (pictured, top), which was built in 1851. The estate includes six buildings, a tennis court, swimming pool and established gardens.
The decision to retain Invergowrie means Mr Fahour is currently sitting on about $60 million of real estate in the blue-ribbon eastern suburb.
In March it was reported the businessman and his wife, Dionnie, paid more than $16 million for an 1887 Victorian mansion in Kinkora Road which will be renovated. On a 3371 sqm block, and with a pontoon jetty, this property was also marketed by Mr Chiminello with colleague James Redfern.
In May, the property next door to Invergowrie – Avon Court – was listed carrying price expectations of between $45 million and $50 million. On a 4645 sqm block this property at 18-20 Shakespeare Grove was listed via RT Edgar’s Helena Chow.
Last month, a 1949 square metre holding at 1 Bay Street, Brighton (pictured top, left), hit the market carrying price expectations of between $27 and $29 million.
This waterfront property, The Moorings, now Victoria’s most expensive residential home available for public sale, is being marketed by RT Edgar’s Jin Shang and Mandy Zhu, via an expressions of interest campaign closing on Tuesday August 28.
Kogan founder and chief executive Ruslan Kogan is behind one of the bigger sales of a residential home in Victoria this year, spending $38.8 million for a Toorak pile on 2600 sqm of land. This property, offloaded by telecommunications executive, Philip Cornish, sold off-market via Marshall White’s Mr Chiminello with colleague Richard Mackinnon.
The record price for a Victorian home was reported in February when antique dealer Rod Menzies sold the country’s former government house, Stonington, in Malvern, for $52.5 million.