Victory founder offloads unfinished Toorak mansion
Update: Landream purchased this property at a discount to guide. Read our story here.
An unfinished seven bedroom mansion in one of Melbourne’s best streets has attracted a buyer.
Victory Offices founder and majority owner Dan Baxter is behind the unusual listing of 17 Hopetoun Road, Toorak.
The businessman was part through a new build when COVID hit, decimating the value of the serviced office company which floated in mid-2019, and his own fortune, which at its peak, was over $50 million.
The part-complete dwelling hit the market in July with a $15m-$16.5m guide.
This then lowered to $13.5m-$14.5m.
Vicinity shut seven offices – three in Melbourne and four in Sydney – in the 12 months to June 30.
Also earlier this year, resignations were tendered from the former chief financial officer, Keith Pollock, and chairman and non-executive director, ex-premier, Steve Bracks (story continues below).
Bargain basement
Mr Baxter paid $14.75m for the 1433 sqm Hopetoun Rd block in 2019, then razed a part-modernised, double storey home with a tennis court.
The permit allows for a four level replacement with a cinema, gym, sauna and wine cellar. The basement, which like the first floor has had its concrete poured, can accommodate 14 cars.
S&K Group is responsible for the construction to date; it also has a caveat on the title.
Abercromby’s Sam Goddard and Edward Royle, the agents, said the floorplan could be redesigned, despite the building to date.
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