$70m mansion is ‘Australia’s most expensive knockdown’

At $70m, this original midcentury mansion has one very expensive date with the wrecking ball.

It’s a knockdown!

At $70m, the original midcentury mansion at 38 Vaucluse Rd will likely take the title as Australia’s most expensive knock down.

The 1400sq m block is prime Eastern Suburbs real estate, the type of “land” that rarely comes to market, but when it does it can literally command top dollar. The reason for its premium price tag is its 30m harbour-facing – however not waterfront – frontage capturing both the Harbour Bridge and Opera House.

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38 Vaucluse Rd, Vaucluse.

The home sits just in front of James Packer’s former home La Mer, which was sold for an Australian house record of $70m in 2015, underlining this new offering’s potential.

Elliott Placks and Riki Tawhara of Ray White Double Bay, are marketing the perfectly positioned, but significantly run down home.

“It’s just an incredible landholding, with the most amazing views on your doorstep from the moment you walk into the property,” Placks said.

“You’ve got all of Sydney’s icons right there in front of you from this vantage point of Vaucluse.

“As well as the outlook there’s dual street access and a large block to work with.”

It’s a little tired.

But the outlook isn’t.

Plenty of potential. Just look over the fence.

Placks said the multimillion dollar knockdown had already commanded interest from cash buyers from around the world.

“There’s a mix of inquiry. It’s definitely got an international status because of the world famous views and rare position.”

The vendor is Isaac Wakil, the 98-year-old garment trade guru turned property developer and philanthropist who moved to the address 65 years ago alongside his late wife Susan.

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Le Mer, the Vaucluse property sold by James Packer.

‘I know where you can get a great knockdown for just $70m’. Picture: Channel 7,

The pair, who never had children, have made headlines over the past decade after a mass $200m sell off of their property portfolio including several long-held and abandoned commercial sites such as the landmark Griffiths Teas building in Surry Hills and the Terminus Hotel in Pyrmont.

Much of the millions in profits reportedly went to The Art Gallery of NSW, Opera Australia, St Vincent’s Hospital and the Sydney Jewish Museum. In 2016, the couple donated a record $35m to The University of Sydney through the Susan and Isaac Wakil Foundation.

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Vendor Isaac Wakil Picture: John Appleyard

Currently, the two-storey home features a lower floor with three bedrooms, formal and informal living and entertaining spaces, a library, office, plus a full-width balcony orientated towards the iconic views. The same level also houses two full bathrooms, a powder room and garage.

Downstairs, there is an original kitchen and vast rumpus room with a bar opening to a grand terrace, the lawn and huge swimming pool facing the harbour panorama.

The property, which also has access to Carrara Rd, has two more lock up garages below and is close to Hermitage Foreshore track, harbour beaches, and Kambala School.

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Originally published as $70m mansion is ‘Australia’s most expensive knockdown’