Mount Eliza’s waterfront Morning Star Estate for sale at $40m

Part of Morning Star Estate, configured as a winery, overlooking the Melbourne CBD skyline.

Mount Eliza’s waterfront Morning Star Estate is on the market again.

Asking $40 million, it is the third priciest residential property for public sale in the state.

On 63.2 hectares, 2 Sunnyside Road contains a grand Victorian mansion built in 1867 for the Gillett family.

The 63.2 hectare waterfront site.

For decades until 1975 it served as the Morning Star Boys Home before becoming a horse stud.

When it was last offered in 2017 with c$30m price hopes, the main structure was a 25-room hotel and wedding venue, while part of the grounds had been laid out as a winery.

All up the facility contains 200 car parks.

Michael Keating International’s Michael Keating has the listing after a $36.2m deal reported three years ago, following a campaign with a different agency, didn’t proceed.

Mount Eliza is about 54 kilometres south of Melbourne.

High profile spot attracts Australia’s rich and famous

At one of the region’s highest points, Morning Star was one of the first properties developed south of Oliver’s Hill (the area where Mount Eliza connects to Frankston).

It has also been used as a backdrop in TV show Kath & Kim, its movie spin-off, Kath & Kimderella, and Partisan, another film.

Jimmy Barnes and INXS have performed there, too.

Last March we reported Hengyi International paid the state government $17.5m for the 3.4ha waterfront former Peninsula Health complex at 33 Jacksons Rd.

In 2018, retirement village entrepreneur Charles “Chas” Jacobsen paid the philanthropic RM Ansett Trust a speculated $33m for a 22.3ha Mt Eliza holding marketed by EY as The Ansett Estate (story continues below).

That parcel abuts Gunyong Valley, an 11.7ha block where Sir Reginald Ansett lived and would famously catch a helicopter to work in the city – and which Mr Jacobsen acquired from the same vendor for $14.5m in 2006 (in a deal which temporarily set a record for a Melbourne residence).

The Ansett Estate and Gunyong Valley are both waterfront parcels.

University of Melbourne’s Melbourne Business School sold one of the other major properties in the area to Ryman Health – the 8.9ha Moondah Estate – for c$40m.

Coincidentally, Sir Ansett also owned that block.

Morning Star Estate is third priciest Melbourne home for public sale

Morning Star is almost the priciest Melbourne home for public sale.

That accolade is currently with Canterbury’s Shrublands – on 6500 sqm in tree-lined Balwyn Road –which Abercromby’s listed for sale last year asking $42-$46m.

Hawthorn’s Avon Court at 18-20 Shakespeare Grove, is also seeking over $40m, via RT Edgar.

In 2018, former National Australia Bank chief executive officer Ahmed Fahour listed his Hawthorn estate, Invergowrie, with c$44m price hopes, before withdrawing it.

On 1.023ha, that property, 21 Coppin Gve, distinguished by a bluestone mansion, abuts Avon Court.

Four months ago we reported a landmark mansion on a 7246 sqm parcel in Toorak’s St Georges Rd – often considered Melbourne’s best street – was being touted off-market with a c$80m guide.

If achieved, that would smash the $52.5m record for a Melbourne residence, set when an offshore buyer acquired the historic Stonington mansion at 336 Glenferrie Rd, Malvern, from art dealer Rod Menzies in early 2018.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco