Rose Bay mansion sells after vendor slashes price by $20m

A Sydney mansion has sold for a new record sum after its ‘motivated’ owner slashed the price by $20m.

12 Dumaresq Rd, Rose Bay has sold after a $20m discount.

A harbourside mansion has sold after its “motivated” owner slashed the price by $20m.

But the result for the Bruce Stafford-designed six-bedroom residence at 12 Dumaresq Rd was still $55m, sufficient to smash the Rose Bay house price record by $5m.

The Wentworth Courier broke news of the huge discount from $75m to $55m just before Christmas and this morning the listing disappeared from realestate.com.au, suggesting it had finally sold.

It had been expected to sell soon after the revised price guide, but that deal fell through.

The sales agents Brad Pillinger of Pillinger and Michael Pallier of Sothebys had no comment when contacted, but other sources have confirmed the property has now exchanged — presumably to a different buyer — for close to the latest guide.

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The stunning property was owned by a businessman who’s made his fortune from recycled shopping bags.

There are iconic views.

The stunning property was owned by a businessman who’s made his fortune from recycled shopping bags.

Frank Qiang Geng, who was an economics professor in Asia before creating his sustainable materials business, and Juanjuan Zhao had $75m hopes when the modern trophy home with gun barrel views was quietly listed back in June.

At the time, they’d just exchanged on the Point Piper mansion Rockleigh, the long-held waterfront home of medico specialist Philippa Harvey-Sutton, for about $82m.

Rockleigh, the pale pink home on a 1284sqm block at Wolseley Rd, which cost the Harvey-Suttons just $325,000 in 1978, was the second-most expensive house sale last year and is yet to settle.

And while Geng isn’t short of a quid, he was no doubt motivated and reasonably keen to offload his current digs in Dumaresq Rd fairly promptly, especially since Rockleigh is likely to be knocked down and rebuilt.

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Six bedrooms.

And six bathrooms.

The Dumaresq Rd property, which has direct access to Dumaresq Reserve and the waterfront,

has living areas open an infinity pool and views over the harbour, the city skyline to the Harbour Bridge and North Sydney.

There’s lift access to all floors, a fire pit, billiard room, six-seater home cinema, home sauna and a spa.

Geng bought it for $26.9m in 2014, with the previous owners Kevin Bermeister, who founded music downloader Kazaa, commissioning the Stafford home.

This latest deal beats the circa $50m sale of retail billionaire Brett Blundy’s Bayview Hill Road home to Sydney money manager Lawrence Myers and his wife, Sylvia, in 2018.

That property was also sold by Pillinger.

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Originally published as Rose Bay mansion sells after vendor slashes price by $20m