Racing Queensland chair buys dilapidated Lamb House

Lamb House (centre) has postcard city views over Brisbane River.

Racing Queensland chair, businessman Steve Wilson, and his wife, Jane, have acquired Brisbane’s Lamb House with plans for a major refurbishment.

Brisbane Broncos chairman Karl Morris paid $16m for the neighbouring contemporary home in March.

The c1902 Kangaroo Point mansion was listed five weeks ago by Brisbane City Council, which seized control from the long time owner, Joy Lamb, who owed about $300,000 in unpaid rates.

At 9 Leopard Street, the dilapidated double storey Federation has postcard CBD views over the Brisbane River.

It had recently been valued at $6.1 million.

The restoration cost had been put at c$15m.

The deal comes three months since Brisbane Broncos chairman and Ord Minnett managing director Karl Morris and his wife, Louise, paid $16m for the neighbouring, uber-contemporary 1 Leopard St.

That vendor spent $18.488m in 2017 – setting the record for a Brisbane home.

Three years ago, Gina Rinehart outlaid $18.5m on neighbouring properties in nearby Aaron Avenue, Hawthorne.

Lamb House

Also known as Home, the red brick 9 Leopard St was built for John Lamb, co-proprietor of city drapery Edwards & Lamb (story continues below).

Joy Lamb vacated the property when part of the roof fell in six years ago.

On eight lots – covering 3146 square metres – and with frontage to Wild St, it was added to the Queensland Heritage Register in 1992.

It contains six bedrooms, a maid’s quarters, drawing room and parlour.

Ms Lamb vacated when part of the roof collapsed in 2015; it was listed for sale against her wishes.

Recently occupied by squatters, it has been vandalised.

The Wilsons are expected to reside there following the refurbishment

Mr Wilson, a stockbroker, established Hyperion Asset Management and Pinnacle Investment Management Group – the latter with funds under management worth c$85 billion.

He also chaired South Bank Corporation and is a Committee for Brisbane director.

Savills’ Robert Dunne and Will Carman sold Lamb House for the council.

Recently occupied by squatters, the house has been vandalised.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of