Adelaide’s most expensive home revealed — Ivanhoe in Gilberton sold for over $7 million by Bernard H Booth Real Estate
A SPRAWLING mansion has just become South Australia’s most expensive property, selling for more than $7 million. But who is the buyer? GALLERY: SEE INSIDE THIS INCREDIBLE HOUSE
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A SPRAWLING mansion in one of the state’s most tightly held suburbs has set a South Australian property record, selling for more than $7 million.
Grand estate Ivanhoe at 9 Edwin Tce, Gilberton was recently placed under contract off-market by Bernard H Booth agent Jamie Brown and is due to settle before the end of the year.
The sale smashes the previous record, held by historic Glenelg mansion Stormont, which sold for $6.5 million in 2010, also by Mr Brown.
While Mr Brown would not disclose an exact sale price, he confirmed it was “in excess of $7 million”.
“Officially, contracts were signed in July and it will settle before Christmas,” Mr Brown said.
“We had a mix of both local, which were very strong in the equation, together with international.”
The 1889-built freestone mansion offers almost 740sqm of living space across its 13 rooms and is set on a massive 4346sqm of parklike grounds.
The home, which has six bedrooms, four bathrooms, a tennis court and a pool, was built in 1889 by George Brookman, who named it Ivanhoe after his successful Kalgoorlie mine of the same name.
“It’s one of Adelaide’s most commanding and most iconic mansions ... it’s a mansion on a grand scale,” Mr Brown said.
“There aren’t many Ivanhoes around ... so every time it comes to the market it is well sought after.”
While Mr Brown would not name the current owner, according to planning, transport and infrastructure records, the property last sold in July 2011 for $6.2 million.
Mr Brown said because of the prestigious nature of the property and the vendor’s wish for privacy, there had been a level of secrecy around the sale.
“Their preference was to do it quietly and if they didn’t achieve a sale on a quiet basis through my database, then we would go to the market in spring, but we didn’t need to do that,” Mr Brown said.
“We got a handful of groups through and had two very competitive offers in the sevens.”
GALLERY: See more incredible pictures inside SA’s most expensive property
Mr Brown said the kitchen, family area and some bathrooms had been renovated since it was last sold.
The home’s sale price makes it about 7.5 times more than the suburb’s current median house price of $935,000 and according to the Treasury and Finance Department, the stamp duty on a $7 million home would be $378,830 — almost as much as the Adelaide median house price.
Mr Brown said the prestige property market was strong and that the home would have fetched a much higher price tag in the eastern states.
“I think we’re undervalued as a state — if this home had been located in Sydney, it would fetch $30 million-plus,” Mr Brown said.
Mr Brown said he did not believe his new record would stand for as long as his previous record had.
“There are still a handful around that haven’t changed hands for some time,” Mr Brown said.
Real Estate Institute of South Australia chief executive Greg Troughton said the historic sale would give extra confidence to spring buyers and sellers.
“Having a sale at that level is enormous and this is an extraordinary event,” Mr Troughton said.
“This sends a very clear signal that there is confidence in the marketplace and will have some very positive repercussions right throughout the whole property sector — the whole property sector will reap some of that benefit.”
Mr Troughton said there was still a shortage of properties on the market but he was expecting things to pick up after the AFL grand final.
“The timing of this could not be any better because it sends a signal to vendors out there that the marketplace is quite vibrant,” Mr Troughton said.
SA’s previous top house sales
1/ $6.5 million — 14 South Esplanade, Glenelg, sold 2010
6 bedrooms, 4 bathrooms, two kitchens and a lift, sold with two titles.
Built 1886
2/ $6.4 million — 12 The Avenue, Medindie, sold 11/10/06
5 bedrooms, 3 bathrooms, 3 parking spaces, 9255sqm
Built 1876
3/ $6.2 million — 9 Edwin Tce, Gilberton, sold 29/06/11
5 bedrooms, 3 bathrooms, 2 parking spaces, 4346sqm
Built 1889
4/ $5.6 million — 28 Robe Tce, Medindie, sold 15/02/11
5 bedrooms, 4 bathrooms, 3135sqm
Built 1880
5/ $5.41 million — 12 The Avenue, Medindie, sold 29/06/11
5 bedrooms, 3 bathrooms, 3 parking spaces, 5136sqm
Built 1876
*Subdivision reduced land size
6/ $5.2 million — 17 Hawkers Rd, Medindie, sold 13/04/06
2201sqm
Built 1890
*Also sold on 30/05/14 as 7 Myrtles Court for $5 million
7/ $5.125 million — 4 Victoria Ave, Unley Park, sold 19/06/14
4 bedrooms, 2 bathrooms, 2 parking spaces, 2287sqm
Built 1920
8/ $5.1 million — 32 South Esplanade, Glenelg South, sold 19/05/05
4 bedrooms, 4 bathrooms, 4 parking spaces, 3626sqm
Built 1859
9/ $5 million — 1 College St, College Park, sold 21/01/11
5 bedrooms, 2 bathrooms, 1 parking space, 3968sqm
Built 1900
10/ $4.917 million — 11 Robe Tce, Medindie, sold 18/01/13
5 bedrooms, 3 bathrooms, 1 parking space, 3983sqm
Built 1900
Top house sales supplied by CoreLogic RP Data
The most expensive homes in each state/territory
Sydney: La Mer, Wentworth Rd, Vaucluse
Sold for more than $70 million in August 2015
Formerly owned by James Packer. 6 bedrooms, 13 parking spaces, 3345sqm
Melbourne: Australia 108 on level 100 of yet-to-be-built 70 Southbank Boulevard, Southbank
Sold for $25 million in April 2015
4+ bedrooms, 4+ bathrooms, 4+ parking spaces, 750sqm
Perth: 43 Saunders St, Mosman Park
Sold for $57.5 million in October 2009
6 bedrooms, 5 bathrooms, 7567sqm.
Brisbane: 46 Aaron Ave, Hawthorn
Purchased by Gina Rinehart for $14 million in August 2014
Little is known about the 3457sqm property
Hobart: 44 Waimea Avenue, Sandy Bay
Sold in October 2011 for $8.5 million
5 bedrooms, 3 bathrooms, 4 parking spaces, 9726sqm
Canberra: 27 Mugga Way, Red Hill
Sold for $7.3 million in April 2010
5 bedrooms, 5 bathrooms, 5 parking spaces, 11353sqm.
Darwin: 6 Emery Court, Larrakeyah
Sold in December 2013 for $6.5 million.
Little is known about the 1000sqm property