Gilberton mansion Ivanhoe sold for $7 million, setting new state record
EXCLUSIVE: AN iconic Adelaide mansion has set a state record for residential property sale. Guess what it finally sold for?
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THE state officially has a new record residential sale, with iconic Gilberton mansion Ivanhoe settling for $7 million this week.
The sale of 9 Edwin Tce was first reported exclusively by The Advertiser in September 2015 with selling agent Jamie Brown, of Bernard H Booth Real Estate, saying the off-market sale would settle by Christmas last year, however the settlement period was extended to Tuesday.
The sale eclipses the previous record, held by historic Glenelg mansion Stormont, which Mr Brown sold for $6.5 million in 2010.
While Mr Brown would not disclose Ivanhoe’s new buyer, Planning, Transport and Infrastructure Department records reveal it was purchased by Polly Tembel, wife of Thomson Geer Lawyers chief executive partner Adrian Tembel.
The home had previously been owned by Mark Britten-Jones, who bought it for $6.2 million in July 2011. Mr Britten-Jones now runs a division of one of the world’s largest investment funds.
The 1889-built freestone mansion offers 13 rooms, almost 740sqm of living space and is set on a massive 4346sqm allotment.
The renovated six-bedroom, four-bathroom home, which also has 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.
Mr Brown said it was uncommon for a home of Ivanhoe’s stature to sell twice in six years.
“Typically they are held in the same family for 20, 30, 40 years sometimes, and they are typically seen as generational opportunities,” Mr Brown said.
The home’s sale price makes it almost eight times more than the suburb’s current median house price of $903,500 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 there were several SA homes that could easily break the record if they were to sell and there were currently both local and international househunters prepared to pay up to $10 million for the right SA home.
“There are a few homes in Adelaide which I think will push this and I think it won’t be long before we see ... double digits,” Mr Brown said.
“There are probably properties in Adelaide which are worth $10 million now, but they’re not on the market, but you need the ingredient of high net land value in the equation.”
Mr Brown said the sale price would boost confidence across all price brackets of the market.
There was some speculation the sale would be eclipsed by the 263 East Tce city mansion St Corantyn, owned by Discount City Carpets managing director Martin Williams, but, with a recent price drop, that now seems unlikely.
ADELAIDE’S TOP SALES TO DATE
$6.5m
14 South Esplanade, Glenelg.
SOLD 21/06/10
6 bedrooms, 4 bathrooms, two kitchens and a lift, sold with two titles. Built 1886.
$6.4m
12 The Avenue, Medindie.
SOLD 11/10/06
5 bedrooms, 3 bathrooms, 3 parking spaces, 9255sqm
Built 1876
* Also sold 14/06/11 for $5.41 million subdivided.
$6.2m
9 Edwin Tce, Gilberton.
SOLD 29/06/11
5 bedrooms, 3 bathrooms, 2 parking spaces, 4346sqm. Built 1889. * Reportedly sold off-market for “in excess of $7 million” in September 2015, but not yet settled.
$5.6m
28 Robe Tce, Medindie.
SOLD 15/02/11
5 bedrooms, 4 bathrooms, 3135sqm. Built 1880.
$5.2m
17 Hawkers Rd, Medindie.
SOLD 13/04/06
2201sqm. Built 1890.
*Also sold on 30/05/14 as 7 Myrtles Court for $5 million.
Top metropolitan house sales supplied by CoreLogic RP Data.
A look at our new record sale
Ivanhoe, 9 Edwin Tce, Gilberton
■ Built: 1889
■ Sold: $7 million
■ 6 bedrooms, four bathrooms, tennis court, pool
■ 4346sqm, 40.5m street frontage
■ Stamp duty on $7 million: $378,830
■ Annual council rates on $7 million: $13,756.50
■ Emergency services levy: $3594.80