Toorak ‘ghost mansion’ asking $80m

The 7246 square metre site at 29-31 St Georges Road, Toorak.

An unfinished mansion on Toorak’s exclusive St Georges Road is quietly being marketed at $80 million – a price which would set a state record.

Vendor, property developer David Yu of Ausvest Holdings, paid Hoyts boss Leon Fink $5 million for #29-31 in 1991 – just after the last recession.

It was later dubbed a “ghost mansion” – after being left vacant for more than a decade.

Various prestige agents say the owner has rejected numerous offers to sell even during the 2007 and 2017 property booms.

It is now being touted off-market by Andrew Baines & Co

The site spreads 7246 square metres.

Street no stranger to setting the state watermark

If 29-31 St Georges Road sells for the guide, it would smash the record set in 2018 when Malvern’s Stonington traded for $52.5 million.

In 2017, Mirvac executive Marina Darling offloaded a fire-damaged mansion at 18 St Georges Rd – the $40m value temporarily set a state record.

Developer Harry Stamoulis owns what is one of the street’s priciest pads: his five year old home, said to have cost more than $100 million to construct, replaced a c6000 sqm parcel acquired for $24m in early 2010.

That vendor, Zig Inge Group, paid the Baillieu family $14.8m 39 St Georges Rd 12 months earlier (story continues below).

Pricey for prestige buyers but fair for developers

Last July we reported that a 4257 sqm block at 16 St Georges Road was quietly being promoted with a c$40m guide.

Until 2015 that property accommodated a c1913 single-level mansion, Idylwilde.

Now vacant site, each sqm of land priced is valued at about $9396 – a price commercial agents say would pique medium density developer interest.

Mr Yu’s property values every sqm at about $11,000.

Planning history

Formerly two estates, Cantala and Somerset, 29-31 St Georges Rd abuts two townhouse projects, at its north and north west.

Mr Yu unsuccessfully applied to subdivide the land into nine lots in 1992.

A 37-unit block of flats with 115 car parks was refused in 2001 and under appeal in 2003.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.