Melbourne real estate: $40m home most expensive in city

A TOORAK mansion sold for a jaw dropping $40 million to easily claim the title of Victoria’s most expensive home ever sold.

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A TOORAK mansion sold for a jaw dropping $40 million yesterday to easily claim the title of Melbourne’s most expensive home.

Secrecy surrounds the identity of the new owners, but the price tag did not surprise locals, with the St Georges Rd house sitting on 4000 sqm of prime land.

The colossal property last changed hands in 1995 for $4.9 million, with the value increasing by over 800 per cent since then.

Mansion in Toorak sells for $40m. Vision: Channel 7

The mansion sits on a large block. Vision: Channel 7

The real estate agent ­behind the sale was forced to sign a confidentiality contract and cannot ­reveal any details.

Toorak Residents’ Action Group spokesman Eddie Young said the sale price smashed Victoria’s previous ­record of $26.2 million.

But locals are worried about the future of the home after the neighbouring house was knocked down two years ago.

No construction work has been completed at that address since.