Rich Lister Larry Kestelman has sold off a residential development site in the heart of upmarket Toorak for a record $26 million, collecting a tidy profit after aggregating the land only two years ago.
The property developer and owner of the National Basketball League – worth $785 million in the 2022 Financial Review Rich List – put together two sites on the corner of Williams Road and Bruce Street in early 2020 for around $19 million.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
