Members of the wealthy Munz family are selling a renovated mansion in the street widely considered to be Toorak’s best.
The vendors can expect to bank between $11.5 million to $12.5 million for 56 Albany Road (pictured top and left) – a home owned for more than 50 years by celebrity dentist, the late Dr Robert “Bob” Cannon.
Bob’s son, Andrew Cannon, the honorary Consul to Monaco, sold the property to BMF Construction chief Ian Wright for $6.5 million in late 2014.
Mr Wright in-turn sold it to the Munz family for $8.05 million the following year, according to website propertyobserver, which is reporting the listing.
On a 1245 square metre plot, the four bedroom home is for sale via an expressions of interest campaign closing at the end of this month.
Albany Road is considered the suburb’s most exclusive street followed, agents say, by St Georges and Clendon roads.
The Munz mansion is opposite the historic Eulinya estate, owned by billionaire transport magnate Lindsay Fox. The Chinese Consulate General is also in the vicinity.
Kay & Burton’s Michael Gibson and Robyn Feigen are representing the Munz family, whose patriarch Phillip and son, Jonathan, control Reliance Worldwide Corporation, a plumbing supplies business said to be worth more than $1.3 billion.
Jonathan, also a chairman of Victoria’s Thoroughbred Racehorse Owners Association, owns the landmark Pinecliff horse training complex in Mt Eliza, next to the former estate of Sir Reginald Ansett, which is now controlled by retirement home operator Charles “Chas” Jacobsen.
In 2008, Mr Munz paid music promoter Andrew McManus $13.5 million for a Toorak estate in Orrong Road said to have accommodated entertainers touring Melbourne at the time including Fleetwood Mac.
Three years ago, Andrew Cannon sold a row of shops in Clarendon Street, South Melbourne, called Emerald Hill Terraces, for $27.5 million. The purchasers, a consortium including PodCo and Terraplex, since subdivided the assets and have this year been selling them individually, an initiative expected to return a windfall of more than $15 million.