Richest 250: Toorak, the surprising suburb where more Australian billionaires live

Welcome to the $39bn suburb that is home to more billionaires than anywhere else in Australia. There’s no superyacht access but plenty of room for a tennis court. Full list of names

One of crypto billionaire Ed Craven’s Toorak mansions. Picture: Jake Nowakowski

The suburb with more billionaires and wealthy people doesn’t have gorgeous waterfront views, easy access to corporate jet facilities or luxury penthouses in skyscrapers.

It isn’t on Sydney Harbour, so there’s no superyacht access, and there’s no mining magnates there either. The restaurants are said to be very good though. And there is plenty of room for sweeping gardens, tennis courts and water features.

No suburb in the country features a greater concentration of members of The List – Australia’s Richest 250 than Toorak, where Melbourne’s wealthiest families have gathered for decades.

Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.

But in a geographical sense, Sydney’s waterfront enclaves dominate the ranks of The List with mansions dotted along the city’s swankiest shores.

Here are the most popular suburbs in Australia for the country’s 250 wealthiest people.

Toorak (20)

Not content with one mansion in Melbourne’s best suburb, Australia’s youngest billionaire has two. Ed Craven, the man beyond the Stake.com cryptocurrency gambling website made huge headlines last year when he splashed out more than $120m for two Toorak mansions.

His biggest purchase was shelling out $80m for the so-called “ghost mansion” that has stood idle for more than three decades, despite its location on one of the suburb’s most prestigious streets. The unfinished house has been owned by David Yu, director of property developer Ausvest Holdings, and sits on about 7200sq m of land.

Lindsay Fox's Toorak mansion. Picture: Mark Stewart

Yu had bought the property from then-Hoyts boss Leon Fink – who had half-built a French ­Renaissance-style mansion on the block before offloading it in the midst of the early 1990s recession – and has left it untouched since.

Craven had also paid $38m for ­another Toorak mansion, a two-level home set on almost 2000 sqm on Orrong Road that had been rebuilt by Melbourne property developer Will Deague.

He joins big names such as Lindsay Fox, Jack Gance, Shesh Ghale and Gerry Ryan in Toorak. Many of Melbourne’s blue bloods gather around four main streets: Albany Road, Irving Road, Clendon Road and St Georges Road.

Vaucluse (12)

Billionaire Harry Triguboff is one big name who lives in Sydney’s prime waterfront location. He and his wife live on one of the largest privately held landholdings on Vaucluse’s waterfront, which includes two dwellings.

Ab aerial view of Harry Triguboff’s holding in Vaucluse.

Arthur Tzaneros, who owns ACFS Port Logistics with father Terry, paid $38m in 2021 for a mansion on Olola Ave, replete with a tennis court and swimming pool.

But the biggest splash of late was fashion mogul Nicky Zimmermann paying $60m last December for a three-storey residence on about 1700 square metres of waterfront.

There are formal and informal living and dining rooms, a rumpus and billiard room, darkroom, home office, cellar, six bedrooms, nine bathrooms and garaging for four cars. There’s also a boat shed, jetty and sauna.

Justin Hemmes’ home, The Hermitage at Vaucluse.

Meanwhile, Jerry Schwartz is renovating his $67m Phoenix Acres waterfront estate, which could include an ice rink, lap pool and cinema.

But they are all overshadowed by Menulog co-founder Leon Kamanev, who is putting the finishing touches to his lavish mansion that neighbours describe as “the best house in Sydney”.

Kamenev paid $80m to amalgamate several sites over 4200sq m of prime waterfront.

Point Piper (12)

Home to Australia’s most expensive residential sale, Point Piper is where Australia’s technology titans have spent their money in recent years.

Atlassian co-founder Scott Farquhar has taken possession of his $130m Uig Lodge without the need for a mortgage.

The waterfront home once owned by Lady Mary Fairfax sold to tech billionaire Mike Cannon-Brookes.

The cash transaction came about five years after Farquhar had shelled out $71m for the Point Piper estate in the same suburb, though his refurbishment plans for that house have been stymied.

Farquhar’s $130m buy eclipsed the previous record of $100m by his Atlassian co-founder Mike Cannon-Brookes, who bought the 1.12 hectare Fairwater estate in 2018.

Mosman Park (6)

Billionaire mining magnate Chris Ellison is the biggest name in Perth’s most wealthy enclave. Ellison set a record in 2009 when he paid $57.5m for Angela Bennett’s mansion on Bennett St.

Five years later he snapped up two neighbouring properties for about $12m. Nearby Saunders Street is also considered an elite area.

Hunters Hill (6)

Billionaire Lang Walker’s Millthorpe estate has been in his family’s hands since 1986, when he paid $4.25m for the 7280sq m site on Sydney’s lower north shore.

The Gothic Revival residence was built in 1841 by the fourth Surveyor-General Sir Thomas Mitchell. Len Ainsworth is another resident, as is Dick Honan.

Originally published as Richest 250: Toorak, the surprising suburb where more Australian billionaires live