Australia’s most expensive house build in Melbourne suburb of Toorak cost $40m

IT’S 12 times the size of an average house, and the kitchen cabinets alone cost $2 million. Australia’s most costly house build is almost complete.

A PRIVATE palace that dwarfs even its ritziest Toorak neighbours appears to be nearing completion after a three-year, multimillion-dollar construction marathon by an army of builders.

The St Georges Rd monolith, built on the former Baillieu family estate, looks set to test the nation’s benchmarks for size, price and opulence.

Property tycoon Harry Stamoulis paid $24 million to secure the blue-chip land in 2010 and the mega mansion’s epic build is rumoured to have added up to $40 million more to his bill.

In a week where housing affordability has been on everyone’s lips, the Herald Sun can reveal the house is Australia’s most expensive build and when finished will be one of the nation’s most luxurious homes.

It’s design has been likened to the Greek parliament and the Palace of Versailles, but the soaring colonnade facade bears closest resemblance to the Vanderbilt mansion known as “Marble House” in Newport, Rhode Island, in the United States.

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The mansion is nearing completion after 3 years and is owned by property developer Harry Stamoulis. Picture: Ian Currie

Set behind high, ornate metal fences, the home is understood to span about 3200sq m, with a grand ballroom, five bedrooms, two kitchens, nine bathrooms and powder rooms, staff quarters and a huge basement garage for a fleet of luxury cars.

That’s more than 12 times the size of the average home being built in Melbourne, which is a more modest 249sq m, according to Housing Industry Association figures.

A Greek theme begins at the front doors with an intricate sculpture of entwined people and horses and this is believed to continue inside the house with handmade cornices.

The Mediterranean-style gardens are taking shape — including a rectangular pond, tennis court, shaded pergolas and ornate plantings.

There is a gym, indoor pool and rear hospitality quarters while the ballroom is believed to have eight metre-high ceilings, modelled on New York’s plush Plaza Hotel. Cabinetry in the kitchen alone is said to have cost $2 million.

The Plaza Hotel’s grand ballroom is said to have inspired the Toorak’s mansion’s version.

The Rhode Island Vanderbuilt “Marble House”, strikingly similar to the new property.

From the air, the industrial-sized heating and cooling system can be seen as well as elaborate solar panelling, worth upwards of $500,000.

The property was held by the Baillieu family for generations, before selling for $14.76 million in 2009, according to CoreLogic RP Data records.

Rodney Morley, now of Rodney Morley Persichetti, handled the off-market sale to Mr Stamoulis a year later, when the price shot up to $24 million.

“The land today is probably worth another $10 million than what he paid for it,” Mr Morley said.

He estimated the property, with its massive new dwelling, would fetch more than $60 million if it came up for sale in the current market, but said it was unlikely to change hands again for decades.

39 St Georges Road, Toorak dwarfs even its sprawling neighbours in the wealthy Melbourne suburb. Pictures: Tim Carrafa

Residents in surrounding streets say they are pleased construction is nearing an end, with three years of building sometimes taking its toll.

“We’ve had no choice but to accept it, but we’re pretty pleased it’s almost over,” one said.

Buyer’s agent David Morrell said it was difficult to put a price on Melbourne’s best trophy homes, as comparable properties never came up for sale.

“The high net-worth people have all got huge houses, but nothing has ever been put to market,” Mr Morrell said.

“You could offer them $50 million more than the house is worth and they wouldn’t sell.”

Mr Stamoulis runs Stamoulis Property Group and was a shareholder in the Melbourne Victory football club until he sold his stake late last year.

He could not be reached for comment on the St Georges Rd property.

The family’s wealth originated with the Gold Medal soft drink empire, founded by Spiros Stamoulis.

The Toorak behemoth is not the only millionaire’s playground under construction in Victoria.

The Herald Sun revealed in March billionaire John Gandel was splurging on a lavish estate on the Mornington Peninsula.

Insiders said the Merricks home, with an estimated $50 million build cost, would span about 1860sq m and include a 10-car garage and helipad on the roof.