Melbourne’s first million-dollar house site trades again
A mansion which replaced the first Melbourne house to sell for over $1 million has traded again – for c$20m – but it’d be apples and oranges to compare.
The famous 1981 sale of 20 St Georges Road, Toorak, for $1.01m – by late businessman and Lord Mayor Sir Maurice Nathan to luxury car dealer James O’Connor – included a now demolished home and was on a bigger block.
When it was offloaded again in 1983 – the land was subdivided.
Later, two homes, each with a tennis court, were constructed at #20.
The street-facing residence which retains the famed address sold for $6.01m in 2007 to Helen Stamoulis who undertook a major renovation, adding a basement garage and living room wing.
Marshall White’s Marcus Chiminello was appointed to market it last year.
With five bedrooms and six bathrooms, the guide was $20-$22m.
The property was previously lived in by daughter Melina Stamoulis who mid-last year spent $10.75m on an Irving Rd dwelling in the suburb.
Her brother, Harry, owns what is considered one of Melbourne’s most valuable piles – 39 St Georges Rd, Toorak, which replaced the Baillieu family home (story continues below).
Mr O’Connor also held Portsea’s Rovina – which Russell Knowles sold 11 months ago to Camilla Deague for $13.5m.
St Georges Road and records
Last year it was reported developer David Yu was quietly marketing the 27-29 St Georges Rd estate acquired from Hoyts boss Leon Fink in 1991, and which has largely sat empty since.
If this home on 7246 sqm sells for its c$80m guide, it would set the state record.
In 2018, Mirvac director Marina Darling offloaded a part-fire damaged dwelling at #18 for $40m – a price which was temporarily the highest paid for a Victorian house.
That block has recently been cleared.
Sixteen St Georges Rd has been for sale since 2019 – this 4227 sqm tract once accommodated a historic home, Idylwilde.
Its initial guide of $40-$44m has been reduced to c$39m.
