Rosebud farm offloaded at a loss on behalf of Steller

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.

The 22.3 hectare Rosebud site is about a kilometre from the beach.

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.

The property includes a barn, stables and fencing to accommodate cattle, horses and deer.

Many Steller controlled properties have been listed for sale – with a mix of some trading, and others being withdrawn.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.

The Rosebud property sold for $4.65 million – three years after Steller acquired it for $7 million.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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