Shopping centre magnate John Gandel already owns Melbourne’s most expensive home, the massive Bedford castle, in Toorak.
But speculation of a major purchase on the Mornington Peninsula may mean he now owns Victoria’s most expensive holiday hamlet too.
Well placed industry sources say Mr Gandel has paid about $10 million for a major property in Merricks, abutting two substantial and adjoining waterfront parcels he bought on Frankston Flinders Road just over four years ago.
It’s understood Mr Gandel purchased the additional land from Brenda Scanlon, the ex-wife of Patrick Corporation chairman and former AFL commissioner Peter Scanlon.
Coincidentally, Ms Scanlon sold Mr Gandel the first of his Merricks properties – a 22 hectare block with 135 metres absolute beach frontage, in late 2004.
Sources estimates Mr Gandel’s combined Merricks estate could be worth more than $25 million based on land value alone.
The media shy Mr Gandel, whose 3-level, 200 square Bedford mansion in Albany Road Toorak is worth an estimated $35 million, did not return calls.
The Gandel Group is part owner of the massive Chadstone The Fashion Capital shopping centre, in the south-east.