Origin Energy boss Grant King has sold his palatial Neutral Bay estate for a record $16 million

THE spectacular Neutral Bay estate of Origin Energy managing director Grant King and his wife Jennifer has sold for about $16 million, smashing the suburb record.

Origin Energy’s Grant King has sold his Neutral Bay home for about $16 million.

THE spectacular Neutral Bay estate of Origin Energy managing director Grant King and his wife Jennifer has sold for about $16 million, smashing the suburb record.

The sale of the five-bedroom non waterfront Harriette St home, set across a vast 2,561sq m land parcel, far eclipsed the previous Neutral Bay record of $13.5 million set by a waterfront property on Shellcove Rd in 2004.

Listing agent Richard Simeon of Simeon Manners Property was unable to comment on the sale, however, it is reported to have sold for around $16 million, which is also a new record for a non waterfront home across the lower north shore.

The Federation heritage home has been completely overhauled, retaining only its bones.

The most recent price guide for property had been $16 million to $17 million.

A severe shortage of stock coupled with pent up buyer demand has helped fuelled the market with many vendors achieving standout results on their homes, particularly in the prestige bracket.

“Given the records that we’re creating — and in winter we’ve sold close to $100 million in the office — I’m surprised that more vendors aren’t being opportunistic in such a strong market with low stock,” Mr Simeon said.

“I think for many people, they’ve got that perception that “if I sell my property where am I going to go?”, but the market, regardless of its current position, always runs in cycles historically so we definitely have had quite a few sales from vendors selling who have taken advantage of this and been prepared to rent for the year and be cashed up.”

The home is spread predominantly over two levels with a lower level pool cabana.

An eloquent unity between old and new is evident throughout.

The Kings paid $4.2 million for the Federation home in May 2007, according to CoreLogic RP Data, before amalgamating it with a neighbouring block they bought later that year for $1.65 million.

In 2010, the home was completely transformed by architect Marc Biancardi to include 715sq m of luxury internal living, including a home cinema, billiard room, an integrated indoor/outdoor sound system, guest accommodation and a downstairs sauna, spa and cabana that opens out to a wet edge pool.

The Kings employed architect Marc Biancardi for its design.

The marble island kitchen comes complete with a butler’s pantry and wine cellar.

A stately billiards room offers the perfect setting for a late night game of snooker.