Melbourne’s surging prestige property market shows no signs of slowing down, with a new record sale price set today thanks to the sale of a $25 million mansion in the upmarket suburb of Toorak.
According to a report on The Age, the property was formerly owned by the family of Victorian Opposition Leader Ted Baillieu and has been purchased by property developer Harry Stamoulis.
His family, which made their fortune in soft drinks but now concentrate on property development, is valued at $389 million on BRW’s Rich 200.
According to reports, Stamoulis plans to demolish the existing Federation-style house and build a new one.
But while Stamoulis might be the proud new owner of Melbourne’s most expensive pad, the family which sold the property – the Inge family – has plenty to be excited about too.
The Inge family owns the aged care and property development company Zig Inge Group. The company was one of the pioneers of the Australian aged care sector and is valued at $464 million, thanks mainly to a serious of big aged care asset sales.
According to The Age the Zig Inge Group paid $14.8 million for the Toorak mansion in February 2009, which means the family group has made a profit of more than $10 million in just 12 months.
The mansion sale eclipses the previous record of just under $25 million, which was set only last November with the sale of a mansion in the suburb of Hawthorn.
However, Melbourne’s top price remains well under that of Perth, where a mansion belonging to Rich lister Angela Bennett was sold for $57.5 million in November 2009.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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