David Shergold, one of the founders of home builder Porter Davis, and his wife Nathalie have sold their opulent Armadale home for about $19 million, clocking one of the blue-chip Melbourne suburb’s highest sale prices for a residential property.

While the exact price is undisclosed, local sources say the former Young Rich Lister and his wife sold the lavish Flete Avenue home for slightly below their initial $20 million to $22 million range to ink the deal on January 2.