The plummeting price of lithium seems to be having little impact on the spending habits of the founder and CEO of Melbourne-based Phoenix Lithium, Nick Wakim, who has been linked to a third trophy home purchase in Melbourne’s priciest suburb, Toorak.

This time, Nick’s son Alexander has appeared on property documents placing a purchaser’s caveat on the Myoora Road property, understood to have sold in an off-market deal worth about $40 million.