This was published 10 months ago
Former Murdoch family home dubbed ‘prettiest house in Toorak’ sells for $40m
By Elizabeth Redman and Jim Malo
The home of the late billionaire businessman David Hains has found a buyer for about $40 million, after searching for a new custodian for the past year.
Once home to Keith Murdoch, father of Rupert, and previously dubbed the “prettiest house in Toorak”, the Albany Road residence was marked as “under offer” on its online listing late on Thursday and then removed from property portals.
Late businessman David Hains’ home has sold.Credit: Marshall White
Buyers were first seen inspecting the home as early as February last year but it was later withdrawn from sale and given a refresh and renovation that updated the paint, tiles and styling. It was then listed with a price guide of $39 million to $42.5 million in spring.
Marshall White selling agent Marcus Chiminello confirmed the home was no longer available when contacted by this masthead, but declined to comment on the price, purchaser or any other details.
The transactional adviser for the Hains estate was Mark Wizel of Wizel Property Group, who declined to comment when contacted. Andrew Sahhar of Kay & Burton introduced the buyer and declined to comment when contacted.
The Georgian Revival home – boasting 10 bedrooms, seven bathrooms, manicured gardens and a pool – was listed after the death of David Hains in January last year, at the age of 92, and the sales campaign was not only focused on achieving the right price but also finding the appropriate custodian for a significant Melbourne residence.
Keith Murdoch, with his wife Elisabeth and son Rupert, pictured around 1950.
Neighbours include business luminaries such as Premier Investments chairman Solomon Lew and shopping mall magnate John Gandel.
Three sources familiar with the deal but not authorised to comment publicly put the sale price in the vicinity of $40 million.
Hains founded hedge fund Portland House Group. He bought the Albany Road mansion, on 3616 square metres of land, with his late wife Helen for $108,000.
The property was purchased by Sir Keith Murdoch, father of former News Corp executive chairman Rupert Murdoch, in 1947, and was his home until his death in 1952. It was sold the following year for £35,000.
The house is set in manicured gardens.Credit: Marshall White
Top-end buyer’s agent David Morrell of Morrell and Koren previously said the new owner would likely be someone wanting to buy the “prettiest house in Toorak”.
Hains is survived by five children, with his eldest son Stephen Hains now director of Portland House Group. Sons Richard and Michael are also managers there.
The home has been dubbed the ‘prettiest house in Toorak’.Credit: Marshall White
His daughter, Cathy, is a thoroughbred horse breeder and trainer, and his son Paul is founder, CEO and editor of digital magazine Aeon.