Mansion price explodes by $70m in just four years

A harbourside treasure in Sydney’s east has quietly hit the market with hopes in the $110m-$120m range, a massive rise in expectations on just four years ago.

Tresco, at 97 Elizabeth Bay Rd, Elizabeth Bay, has price hopes of $110m-$120m.

A harbourside treasure in Sydney’s east has quietly hit the market with hopes in the $110m-$120m range.

Janette Waterhouse, former wife of David Waterhouse, son of the late bookmaking legend Bill Waterhouse, is understood to have signed the Elizabeth Bay historic mansion Tresco with Paul Rich of Rich’s Double Bay.

Rich, whose daughter former model Arielle Rich recently joined “Team Rich” as an agent, was spotted showing a buyer through the grand residence on a 3300 sqm waterfront block at 97 Elizabeth Bay Rd.

The latest price hopes are a sharp escalation from just four years ago during Covid, when reports suggested Waterhouse was “still awaiting a $50m buyer” for Tresco, then listed with several other agents.

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The historic home was built in 1868.

It’s on a massive 3300 sqm waterfront block.

The market’s move significantly since then, with Atlassian co-founder Scott Farquhar paying $130m in December, 2022, for a renovated home on the same size block (3300sqm) that’s not even on the waterfront.

And Aussie Home Loans founder John Symond has his harbourfront home Wingadal, designed by renowned architect Alec Tzannes, for sale at more than $200m — and that’s on just 2,676 sqm.

Tresco is a different type of home, of course, but heritage issues haven’t stopped approval for a new conservatory and swimming pool.

And another historic waterfront treasure nearby, Boomerang, sold for $80m before Christmas.

The property has incredible views.

Tresco, as it appears from Elizabeth Bay Rd.

Tresco was designed in 1868 by the leading architect of the day, Thomas Rowe, and built by Italian stonemasons with two storeys and 13 rooms.

There were later additions in the 1880s before Tresco became the official residence, for almost a century, of the Royal Australian Naval support commander.

The Anstee family bought it from the government in 1997 for $9m and Waterhouse and his then wife, Janette, paid $11m in 2004.

They’ve modernised the interiors, converted the stables into an office and cellar and added a one-bedroom apartment above the garage.

Tresco was the official home the Royal Australian Naval support commander for almost a century.

The couple have since separated, but still bought the landmark Spanish Mission residence, Villa Biscaya, in Rose Bay in early 2020 for $10.25m, selling it for about $26m last August.

Waterhouse, a former art collector, options trader and long-estranged member of the prominent horse racing family, had first listed Tresco with $50m hopes in 2017.

Apart from his big profit on Villa Biscaya, he doubled his money on an apartment in the waterfront Santina block in Darling Point, which he bought for $2.52m in 2018 and sold for $5.4m in 2020 to a buyer who bought it “sight unseen” while overseas due to Covid border closures.

Originally published as Mansion price explodes by $70m in just four years