MP’s $42m property portfolio revealed

Federal Labor MP Andrew Charlton’s latest trophy home purchase has pushed his real estate portfolio value out to past an eye-watering $40m.

Federal Labor MP Andrew Charlton has forked out $12m for a beachside ‘investment home to grow his real estate portfolio to around $42m.

Federal Labor MP Andrew Charlton has forked out $12m for a beachside ‘investment home’ to grow his real estate portfolio to around $42m.

In a move that is likely to raise eyebrows given the current housing crisis and furore over negative gearing, Charlton, who won the seat of Parramatta for Labor at the 2020 federal election, has reportedly spent $12m on the home in Palm Beach on Sydney’s Northern Beaches.

Palm Beach has long been a suburb of choice for getaway homes for Sydney’s elite to escape the city. The Packers are one family who have a long-held residence there.

Inside Andrew Charlton’s new Palm Beach home.

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Charlton’s new south Palm Beach home, La Palma, is expected to hit the rental market when it settles later this year.

It was owned by the late publican John Toohey and his wife Anna, and hit the market in September with an initial $15m guide.

La Palma is protected from the north-easterlies by a bluff, has sweeping views of the coast, Barrenjoey Headland and Lion Island and is in a tiny enclave off Pacific Rd.

With interiors designed by Frank Grill, the four-bedroom, four-bathroom home with infinity pool and terrace and magnificent wine cellar and man cave has been held by the Tooheys since 2002 when the couple bought it for $4.68m.

The home boasts stunning northerly views.

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The uber wealthy have long been attracted to Palm Beach, Sydney’s northernmost beachside suburb.

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Barrennjoey Headland in all it’s glory.

Its adds to an impressive property portfolio for Charlton, who was considered Kevin Rudd’s economics ‘whiz kid’ during his time as PM.

Charlton was labelled a ‘wannabe westie’ in the lead up to the 2020 election, when he was controversionally nominated as Labor’s candidate in North Parramatta.

The electoral battleground of Parramatta in Sydney’s west is a long and frustratingly slow drive through Sydney traffic, and a world away from his Eastern Suburbs mega mansion.

Charlton still holds the ‘exquisite trophy home’ in Bellevue Hill he bought for $16.1 million at auction in November 2020.

Charlton’s trophy home in Bellevue Hill.

It could now be worth close to $30m.

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In Bellevue Hill, PropTrack rates the median house price as $10.34m.

It was $5.9m when Charlton bought the home, meaning prices in the sought-after suburb have boomed an incredible 75 per cent in under four years, meaning the mansion would be likely be worth around $28.2m if it went to market today.

Epic views here too.

It’s a long way to Parramatta from here.

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“Tucked away in Bellevue Hill’s finest position, this exquisite trophy home captures a spectacular 180 degree vista stretching from Bondi and the ocean all the way to the iconic Sydney Harbour,” the home’s listing read.

“Elevated above the escarpment on a 1,328 sqm parcel, the property spills onto manicured level gardens, sun drenched terraces and an infinity pool.

The Treasurer Jim Chalmers, Prime Minister Anthony Albanese and Member for Parramatta Andrew Charlton pictured at a press conference in Parramatta. Picture: NCA NewsWire / Damian Shaw

“It showcases all the hallmarks of its rich pedigree, including stately proportions and soaring ornate ceilings.

“This prestige home is impeccably appointed, and represents a truly rare opportunity in a blue-ribbon address.”

The six-bed, 4.5 bath Victoria Rd home named ‘Fintry’, was one Mamamia co-founders Mia Freedman and partner Jason Lavigne were infamously evicted from.

The Lennox apartments at Parramatta, where Charlton owns the sub-penthouse.

Artists impression of inside the Lennox.

Charlton also owns a luxury sub-penthouse in the Lennox tower on the banks of the Parramatta River in his electorate. He bought the unit for $1.93m in June last year.

All up that takes his property holdings to around $42m.

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Originally published as MP’s $42m property portfolio revealed