$80m record-breaking house ‘nuked’ Toorak market as activity begins on ‘ghost mansion’

A Toorak “ghost mansion” that became Melbourne’s most-expensive house has been blamed for ‘nuking’ the suburb’s well-heeled market.

A Toorak ‘ghost mansion’ that became Melbourne’s most-expensive house has been blamed for ‘nuking’ the suburb’s well-heeled market.

It comes as activity began on the unfinished 29-31 St Georges Rd, which Crypto king Ed Craven lavished an unprecedented $80m on earlier this year — a new state house price record.

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Stake.com co-founder of Ed Craven, 27, purchased the home for the jaw-dropping sum in August.

Toorak property expert, Morrell and Koren buyer’s advocate Dave Morrell, said that the $80m+ sale had “messed up the Toorak market” by raising the expectations of many homeowners in the suburb, who now felt their own homes were worth much more.

A look at the Toorak home from the street.

“What he (Craven) has effectively done is a ‘Putin’ on the market, he’s nuked it,” Mr Morrell said.

Known as Toorak’s “ghost mansion”, the property stood idle for more than three decades after

Ausvest Holdings director David Yu purchased it in 1991 but never moved in.

New photographs taken of home show vehicles, including trucks attending the home this week.

Skips have been set up on the site and filled, while muddy tyre marks at the home’s entry point show increased levels of activity.

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The Herald Sun understands that the home is being prepared for settlement, with items that have been stored there for years being taken off site.

Works have begun on the site of Melbourne’s most expensive home. Picture: Supplied

The property, which has sat vacant for decades, has had much activity.

Industry sources have suggested the buyer is exploring plans to demolish the mansion.

Mr Morrell said there were past instances where buyers had rushed to demolish high-end homes soon after purchasing them.

The half-built French Renaissance-style mansion on the block was created by previous owner and former Hoyts boss Leon Fink.

Mr Craven’s purchase smashed Victoria’s other record house prices of $70m-plus paid for 17 St Georges Rd in August and the $52.5m paid for Malvern’s Stonington Mansion in 2018.

Craven is public face of Stake.com, a privately owned cryptocurrency-friendly online casino that offers sports betting and casino games.

His purchased the home in an off-market transaction negotiated by buyer’s agent Kim Easterbrook with Marshall White director Marcus Chiminello.

Mr Craven was also reported in March to have paid $38m for another Toorak mansion on almost 2000sq m on Orrong Road that had been rebuilt by property developer Will Deague.

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