1999$7.5 million purchase price, Michele O’Halloran. “In addition to straight residential, wider development opportunities such as an aged care facility, hospitality and/or some form of conferencing/business facility would also be logical outcomes for the property (subject to approvals),” Mr Wizel added of the development opportunity. Sign up to our new weekly Inside Property newsletter, Help using this website - Accessibility statement, Vais sold a controlling stake in his business to insurer Suncorp, t sold for the first time in about 70 years. The Sisters in nearby Sorrento sold in 2008 for $19 million and set a Victorian record, breaking the previous highest price set when art dealer Rod Menzies paid $18 million to Hamton developers for the Stonington mansion in Glenferrie Road, Malvern. Register, Join the conversation, you are commenting as Logout. window['fe-co-audience-experiments-fe-co-audience-experiments_1'] = {"position":"middle","theme":"domain"}; Sunning yourself on the beach or cliff-top among Victoria’s corporate and social elite next to the likes of trucking magnate Lindsay Fox and investment banker John McIntosh comes at a cost. A wooden boatshed at Fishermans Beach built in 1950 sold for just under $1 million. His penchant for these idioms is similarly displayed in the design of the smaller but more richly ornamented Kellow House, St Kilda Road (1928). ”It’s an elite property that has always been owned by significant families,” Mr Savas said. This iconic home required sensitive spatial remodelling to ensure that contemporary living dovetails with the heritage significance of this landmark building. The house has six bedrooms, a pool, tennis court and tennis pavilion. Advertisement Portsea is not short of wealthy, high-profile residents with impressive cliff-side homes. Typical Classic Melbourne Home – by Shaynna Blaze, Rue McClanahan’s (Golden Girls) former CA home selling for $5.95M. It is just the second time this six-bedroom estate is up for sale in more than a century.Source:Supplied, “It’s clear to see that a diverse group of buyers are circling around a range of assets in this part of our state and with the money that has been invested by the government to link the peninsula with metropolitan Melbourne, it is obvious to see why the demand has risen.”. “The property offers significant value add angles for developers who may be looking to capitalise on the undersupply of new homes, in close proximity to the beach within the Sorrento area. The trophy mansion was one of the original Sorrento mansions built in 1909.Source:Supplied. Selling agent Rob Curtain, of Peninsula Sotheby's International Realty, said there had never been anything this new brought to market on the Portsea clifftops. Portsea and Sorrento are neighbouring towns located on the shores of Port Phillip on the Mornington Peninsula. Nine private residences for sale, designed and delivered by Rob Mills Architecture & Interiors. The modern five-bedroom home with swimming pool and a tennis court was designed in collaboration with architect Dominic Piccolo. Holding the premier location atop Portsea’s coveted cliff top, this iconic 1920’s Spanish Mission style residence was designed for a Texas oil baron to capture the grandeur and elegance of Hollywood in its golden era. The home's new owner, Tangalakis, who is a former Arrow Pharmaceuticals director and before that worked for Alphapharm, is the co-founder of Sinapse, a pharmaceuticals consultancy company. $20 million and it’s yours. Mr Curtain believes Ilyuka would be worth about $50 million if it were on the market today. 2 - 16 Point King Road, PORTSEA, MORNINGTON PENINSULA SHIRE. 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Set in stunning park-like grounds and sited on Portsea’s clifftops over Port Phillip Bay, Ilyuka was built by an American oil baron in 1928 as the ultimate symbol of wealth and prestige. This is also known as Online Behavioural Advertising. 2 Ilyuka Court, Portsea It is extremely rare for cliffside property to become available in this most coveted location. ''Mr Morrell said mansion buyers often believed that having a large home would help keep their family together by giving their children and grandchildren somewhere to come. Supplied. cbinnie@heraldsun.com.au, Originally published as Portsea mansion sets price record, To join the conversation, please log in. RMA was invited to inject a new energy, refresh the building’s original elements and create a new kitchen and entertainment complex. The eight bedroom trophy home held the Victorian price record until just recently, when the billionaire Besen family sold their Toorak mansion for $26.25 million in December 2016. "It's a substantial home with significant views. The home on the Portsea cliffs sits on 2,800sq m. Mr Curtain said "entry level" prices on the clifftop were about $12 million to $14 million, and that was just for the land. The founders of a furniture manufacturer which fits out offices for some of the largest companies in Australia and Asia have listed their Portsea mansion for sale with price expectations of between $20 million to $22 million. In 2010 he sold his house in Brighton for $9 million to panel beating mogul and founder of Capital SMART Jim Vais. Moonya, on Portsea’s clifftop, covers 2800 square metres. Another prime piece of Portsea real estate – albeit much closer to the water – set tongues wagging late last year when it sold for the first time in about 70 years. It’s one of the best properties you can get on the cliff.”. You can find out more about our policy and your choices, including how to opt-out Management consultant Chris Livitsanis has set a new benchmark after his Portsea home, set in the hills without water views or direct beach access, sold for almost $6 million. The Sisters in nearby Sorrento sold in 2008 for $19 million and set a Victorian record, breaking the previous highest price set when art dealer Rod Menzies paid $18 million to Hamton developers for the Stonington mansion in Glenferrie Road, Malvern. Nee Morna, one of the original Sorrento trophy mansions, is on sale for the just the second time in more than a century.Source:Supplied. John Fisher, who co-founded Zenith Interiors in 1990, and his wife Jenny are selling their Hamptons-inspired residence on the Portsea clifftop in Victoria after buying an older home on the land 12 years ago for just $2.3 million and rebuilding. All times AEDT (GMT +11). Reserve Bank cuts interest rate to ‘unprecedented’ 0.10 per ... Burger King UK sends customers to McDonald’s to support rest... Australia Post scandal: PM Scott Morrison accused of double ... Australian interest rate: RBA cuts interest rates to lowest ... Commbank places freeze on forced home sales for virus hit Au... Find out more about our policy and your choices, including how to opt-out. ''In addition to eight bedrooms, the home has eight bathrooms, a full-sized grass tennis court, basement cellar, a sweeping driveway, private steps to Point King beach and access to a private jetty. Discover (and save!) Portsea makes up the point near the end of the Mornington Peninsula while Sorrento is just further inland. ”Someone of great wealth will buy it and turn it into a family compound.”. ”They’re struggling to get $20 million for houses here in Melbourne; why are they going to pay that for a beach house?”, Matthew Baxter, director of valuers Market Line Opteon, said: ”The market is softening but there’s such a low supply of properties there that it will be a good test to see if the underlying demand is still there.”.
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