Sand and deliver… James Packer’s Campbell Parade, Bondi Beach, property will be listed next month with $22 million-plus hopes. Gary Castles has sold his long-held Malo Road, Whale Beach, property for $4.5 million.
Selling spree… Brett Blundy is hoping to secure $20 million for his Vaucluse house.
John Piven-Large’s Point Piper mansion is for sale.
The Queensland mansion of bankrupt developer Graham Spottiswood.
The Queensland mansion of bankrupt developer Graham Spottiswood.
Private party… Louis and Kay Cordony have sold their Avalon waterside property for an undisclosed amount believed to be more than $5 million.
Forget talk of market softness and the discounting of prestige real estate. Sydney’s heavy hitters are kicking off 2013 by listing some of the city’s best trophy homes. Heading up the list is James Packer’s former bachelor pad at Bondi Beach for upwards of $22 million. Privacy, security and views aside, the four-level compound will be redundant to the family of five now that work is nearing completion on their $40 million Vaucluse home. The Packers reportedly moved onto their super yacht, Seahorse, in December and moored off Vaucluse in anticipation of the move.
So, with the kids, Indigo, Jackson and baby Emmanuelle, nicely out of the way, the Campbell Parade house is free for secret-ish inspections, for those willing to sign a confidentiality agreement. The 800-square-metre offering not only boasts lots of lock-up-and-leave appeal but space for eight cars, lift access, a gym, cinema, nursery, study, four bedrooms, six bathrooms (two en suites off the main bedroom), six terraces and a winter garden. By selling now rather than holding onto the property, Packer will nicely sidestep any capital gains tax.
He paid $2.25 million in 1995 for the former garage site. Perhaps a greater motivation is the recent success of the redevelopment of the Swiss Grand Hotel down the road. One apartment in the Pacific complex has sold for $10.5 million and another for $10.3 million. The Packer property is set to hit the market next month through Andrew Livingston and James Agostini of McGrath Estate Agents.
Retail bigwig and BRW rich list regular Brett Blundy is offering his waterfront home on Vaucluse’s Kutti Beach for $20 million. It’s a prime piece of Sydney real estate to part with only a year after he paid $17.75 million and $7.95 million for the adjoining blocks on Wharf Road and The Crescent.
This is just the latest in a long list of properties being sold off by Blundy, including the $2.65 million sale of his Pearl Beach holiday house in December and his Macquarie Street penthouse at Circular Quay for $12 million a year ago to the Manassen family. Agent Bill Malouf, of LJ Hooker Double Bay, wouldn’t confirm rumours that Blundy is selling his Sydney interests to move overseas. The five-bedroom Kutti Beach house with a tennis court and pool was built for the television identity Michael Willesee, who sold it in 2000 for $10.3 million.
No one has yet agreed to part with $55 million for the palatial Point Piper waterfront pile Altona, but a few doors away the Edwardian waterfront home of liquor industry heavyweight John Piven-Large has also hit the market. After being architecturally redesigned in recent years, the five-bedroom mansion with a pool to go with the private tidal beach has been Piven-Large’s home since 1991 when it was a duplex. Records show he paid $22 million for one property and $13 million for the other.
No details were forthcoming from the agent, Elliott Placks of Ray White Double Bay, as to why he is selling up, and given the lack of comparable sales, pricing the unique offering will be tricky. Piven-Large isn’t aspiring to the same price range as nearby Altona, nor the $45 million-plus being sought for the waterfront home of accused murderer Ron Medich, but is said to be looking for closer to $40 million.
The head of investment banking at the New York-based Moelis & Co and the former executive chairman of investment banking at JPMorgan, Andrew Pridham, (although he is better known as the buyer of a dodgy Brett Whiteley piece) has bought a prime piece of Palm Beach real estate opposite Kiddies Corner. The 964-square-metre block on Ocean Road is a few doors away from Kahlua, which broke local records last year when the 1930s five-bedder on 5500 square metres sold for $19 million to retired car dealer Laurie Sutton.
Pridham’s block is a subdivision of a larger block that traded in 2008 for $12 million. In October Pridham forked out $4.5 million for the block, upon which Title Deeds assumes he plans to build a weekender for his three kids and his partner, Caroline. The adjoining, slightly larger block is set to hit the market this year for more than $5 million through David Edwards, of LJ Hooker Palm Beach.
The well-heeled Gary Castles has finally sold his Whale Beach house. Thirty years after the shoe designer bought the four-bedder on Malo Road, Castles listed it in March with hopes of selling it for $6 million, but even with the quiet cul-de-sac, beachside address and northerly aspect, it failed to attract as much attention as Geoff Cousins’s property at the other end of the beach.
Businessman and environmental activist Cousins sold his south-facing beachfront house in 10 days for a local record of more than $13 million late last year. Agent David Edwards, of LJ Hooker Palm Beach, relisted Castles’s house in October for upwards of $4.5 million, and word on the beach is it sold for just that amount.
In nearby Avalon, the ink is still drying on the sale contract for the waterfront home of Louis and Kay Cordony, of the Cordony Hair family. The Mediterranean-style house on 1150 square metres with a private beach, jetty, boat facilities and Pittwater views was listed last year with price hopes of $5.8 million. Agents David Watson, of LJ Hooker Avalon, and Noel Nicholson, of LJ Hooker Palm Beach, won’t disclose the result but word is the figure is at least $5 million, making it the highest sale in Avalon in three years.
Margie Blok returns to Title Deeds next week.Around the Blok: in Queensland
Bargain hunters in the prestige market might like to head interstate for a good deal. Try Alston, the Queensland mansion of bankrupt developer Graham Spottiswood, which is up for auction on January 27, with hopes said to be well down from early expectations of $20 million.
The 3442-square-metre riverfront house in a dress-circle location in Southport on the Gold Coast is likely to trade closer to the price paid by cotton farmer
Tom Hadley when he bought his Nerang River property for $9.5 million in July.
Spottiswood’s six-bedroom, seven-bathroom property, with a wharf, gym, indoor pool and spa, and garaging for seven cars, was built in 2009. Spottiswood and his wife, Suzanne, bought the site in 1998 for $2.35 million.
Receivers have appointed McGrath agents John Natoli and James Ledgerwood to sell the opulently appointed property.
The original release of this article first appeared on the website of Hangzhou Night Net.