Melbourne’s house price record could be broken with first $100m sale

Melbourne’s house price record could soon be smashed as the Myer family prepares to list the historic Toorak mansion Cranlana, which could break the $100 million barrier.

Set on a block of more than 11,000 square metres in Clendon Road, the grand home is one of Melbourne’s finest.

Cranlana could reset Melbourne’s house price record.Credit: Tiago Brissos

The first home at Cranlana was built about 1903 and was bought by businessman and philanthropist Sidney Myer, founder of Myer department stores, in 1921. He and his wife, Dame Merlyn Myer (nee Baillieu), substantially remodelled the home in 1929-30, and further renovations were made later.

Sidney Myer lived there until his death in 1934, and Dame Merlyn until she died in 1982.

The home was later used for programs run by the Cranlana Centre for Ethical Leadership, and for philanthropic events and family celebrations.

It is now set to be offered for sale by Myer Family Investments as the family expands. The listing was first reported by The Australian Financial Review.

The Myer family will pass Cranlana on to a new custodian.

“Cranlana has been an important and treasured home where many generations of our family have come together. Indeed, Cranlana in its own right, is of important cultural and historic significance in Victoria,” Myer Family Investments chairman Sidney Myer said.

“With over 100 years of family ownership, and with our fifth generation expanding, the time has come to pass the keys of our home and its magnificent garden to a new owner and custodian.”

The home is listed on the Victorian Heritage Register due to its association with the Myer family and its outstanding landscape design.

The sunken formal garden is the finest in the state, according to Heritage Victoria. It is set on land that was added in 1932.

The sunken gardens are considered the finest in the state.Credit: Tiago Brissos

Transaction advisers on the sale are Charter Keck Cramer’s Scott Keck, Tom Byrnes and Patrick McNulty.

Marshall White director Marcus Chiminello has been appointed to sell the property via expressions of interest.

“Cranlana is without peer in the Victorian property market,” Chiminello said.

“Once-in-a-generation opportunities like these often create their own market, and we anticipate interest from buyers locally, nationally, and from afar that will be excited about the opportunity to become the new custodian of Cranlana.”

The mansion sits in rarefied air in Melbourne’s property market, among the top homes, including former logistics boss Paul Little and investment banker Jane Hansen’s nearby Coonac estate, as well as the Pratt family’s Raheen mansion in Kew, trucking magnate Lindsay Fox’s Toorak home, and property developer Harry Stamoulis’ St Georges Road home.

Melbourne’s house price record is $80 million, set by cryptocurrency casino entrepreneur Ed Craven for a St Georges Road knockdown.

Industry experts thought Cranlana may need time to find the right buyer who will be willing to work within the heritage requirements on a significant renovation.

Buyer’s agent David Morrell said that at the very top of Melbourne’s market, “the air gets thinner”.

“We have clients that will pay $100 million for a property, but will they pay it for that one? I don’t think so, given the amount of work that needs to be done,” he said.