The prominent house at 114 Caroline Street sits on a substantial but secluded position above the Yarra River.
Over its 85 years it has been owned by fashion designer Adele Palmer, property developer Michael Yates and restaurateur Paul Lynch.
The vendors are business identity Rudi Miklosvary and his wife Ilona. The couple plan to spend more time travelling.
The three-bedroom-plusstudy house had a dramatic renovation by architect and Stonnington mayor John Chandler that focused on its living areas. It includes Italian limestone and an award-winning gourmet kitchen that was voted among the four best in a recent edition of Kitchen Trends magazine.
Marshall White sales executive John Bongiorno, who is selling the property, says it is "one of South Yarra’s hidden oases, brilliantly enhanced by an outstanding open-plan renovation that is perfect for indoor and outdoor entertaining".