Based on the homestead Tara in the film Gone with the Wind, the opulent 49 St Georges Road was built by US executive Bob Edgell and wife Fena, who is part of Indonesia’s royal family.
The couple recently moved to Atlanta when Mr Edgell became executive vice-president and US region head of energy group Mirant Corporation.
The mansion has five entertaining rooms, a cinema and a massive master bedroom with sitting area.
Kay & Burton director Ross Savas confirmed it had been sold but would not elaborate on the buyer or price.
The estimated price is the highest in Melbourne for several years.
Last May, the Mount Eliza property of Sir Reginald Ansett was sold to a developer for $14.5 million.
In September, a house in Flete Avenue, Armadale, fetched about $13.7 million.
The record for a Melbourne property is still held by Coonac, in Clendon Road, Toorak. It was sold to Toll Holdings director Paul Little for about $16 million in 2002.