A landmark Rosebud property acquired by failed developer Steller for $7 million in 2016 has been sold at a loss.
A Mortgagee in Possession auction for 310-330 Jetty Road this week recovered $4.65 million.
The 22.3 hectare parcel with three residences, including a sprawling eight bedroom homestead, also offers a helipad and the infrastructure (barn, stables, fencing) to run cattle, horses and deer.
Though the land is not zoned to allow for a housing estate, the block is adjacent to one of Rosebud’s only new residential precincts, Peninsula Sands.
It is also near a four-star holiday resort, a caravan park and the Rosebrook Aged Care Community.
A marketing campaign managed by Community Real Estate’s James Crowder and Deb Ketting-Olivier promoted 310-330 Jetty Road as a lifestyle property.
Despite this, it ended up selling to another residential developer, according to this Herald Sun Real Estate item.
The sale price was higher than the advertised guide ($3.8-$4.1 million). It is also the highest paid in Rosebud since 15 Herman Street sold for $3.85 million last year.
Several creditors, amongst them Atlas Advisors, and Asia-based hedge fund OCP, which put Steller into receivership in July, have been seeking a sale of the failed developer’s property assets this year.
Many Steller controlled properties have been listed for sale – with a mix of some trading, and others being withdrawn.
The high-profile Continental Hotel in Sorrento was listed for sale in June, nine months after Steller joint ventured with the site owner, Julian Gerner, to embark on an $80 million refurbishment and extension.
The 310-330 Jetty Road site was owned by Steller Estate Rosebud.