Toorak mansion built where Melbourne’s first ever million-dollar home sale was sells for $23m
A mansion built on the site of Melbourne’s first million-dollar house has sold for millions more than it did just two years ago. See what it’s worth now.
A Toorak mansion built on the site of Melbourne’s first million-dollar house has sold for a lofty $23m.
The five-bedroom estate at 20 St Georges Rd was listed in March with $24m-$25m price hopes by Marshall White Stonnington director Marcus Chiminello.
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Mr Chiminello declined to comment on the sale price, however industry sources revealed it sold for $23m to a Chinese family.
The sale was a notable $4m more than the mansion’s last sale of $19m in 2021, per PropTrack data.
It was then owned by late Melbourne businessman and rich lister Spiros Stamoulis’ wife, Helen Stamoulis, who spent eight months during the pandemic trying to offload the 1457sq m property.
Mr Chiminello said the vendors were a local family looking to upgrade, while the buyer first inspected the property 12 years ago when it hit the market in 2011.
“When the renovations were first done they looked to buy it but missed out,” he said.
“Now 12 years later they finally got it.”
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The 20 St Georges Rd block was also famously sold in 1981 by former Lord Mayor of Melbourne Sir Maurice Nathan to a luxury car dealer — who paid $1.01m for the property — making it the first Melbourne house to sell for more than $1m. That house was later demolished and the land was subdivided in 1983, before two new houses – including the one just sold – were built, both with tennis courts.
Ms Stamoulis purchased the home after her husband died in 2007 for $6.01m, and completed significant upgrades that included the addition of a four-car basement garage and extra living room.
The lavish property also features landscaped gardens by renowned architect Jack Merlo, plus a swimming pool and internal lift.
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Originally published as Toorak mansion built where Melbourne’s first ever million-dollar home sale was sells for $23m