Toorak mansion Coonac sells for $130m+ to claim Australia’s most expensive house record
Melbourne billionaire Dennis Bastas has responded to rumours he purchased a Toorak estate that sold for a national house price record for as much as $150m.
Melbourne billionaire Dennis Bastas has responded to rumours denying his purchase of a Toorak estate that sold for a national house price record for as much as $150m.
Bastas is chairman of Arrotex Pharmaceuticals, myDNA and DBG Health, which recently acquired makeup company MCoBeauty for about $500m.
It was believed he purchased Coonac, considered among Victoria’s most illustrious addresses, and one of fewer than 10 homes in Melbourne worth $100m or more, from current owners Essendon Football Club boss Paul Little and University of Melbourne chancellor Jane Hansen.
RELATED: Kardashian’s ‘endless’ $22m TV home for sale
Designer’s Brighton home has basement turntable, sauna
$30m Canterbury home could break suburb’s lofty price record
“We already have a nice Toorak house,” Mr Bastas said of the rumours.
The rumour mill continues to spin as to who has purchased the property, understood to have sold for more than $130m.
Australia’s current house price record was set by a pair of Sydney sales in recent years, but the sale could be as much as $150m.
Industry sources have linked the off-market sale to Kay & Burton’s Ross Savas and Gerald Delany.
A nine-bedroom Sydney penthouse currently holds the crown for Australia’s most expensive home, selling for more than $140m in 2019, located in the esteemed One Sydney Harbour at Barangaroo.
Richlister businessman Paul Little and his wife Jane Hansen, were the sellers of Coonac and purchased the home for $14.5m in 2002.
The pair are understood to be spending millions of dollars renovating a historic Italianate manor in South Yarra built in 1885 that they purchased in 2019 for $19.5m.
In separate commentary not relating to Coonac, Kay & Burton managing director Ross Savas said Melbourne’s luxury property market had “thrived” over the past year as a result of local and international buyer demand and was poised for strong results in the future.
Mr Delany declined to comment on the sale when contacted by the Herald Sun.
The sale comes as Marshall White continues to work on selling Cranlana, the long-time home of Australia’s Myer family, which hit the market in September with a $96m-$105m price guide.
It remains listed for sale with luxury real estate agent Marcus Chiminello.
Melbourne’s former residential price record was held by crypto casino boss Ed Craven’s St Georges Rd home in Toorak which he purchased for $80.88m in 2022.
— additional reporting by Nathan Mawby
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Inside Justin Bieber’s private $41m pad
Judd’s ‘gun’ family home up for sale in Sandringham
Tania Buckley’s post break-up move scores almost $10m
sarah.petty@news.com.au
Originally published as Toorak mansion Coonac sells for $130m+ to claim Australia’s most expensive house record
Falls Festival’s original home at Lorne for sale
The owners of Falls Festival’s original home at Lorne hope there will be no encore after listing the property for sale, opening the door to new ventures near the Great Ocean Road.
Up Rent Assistance now: Retirees face homelessness
The federal government is being urged to boost Rent Assistance by up to 50 per cent to prevent a growing number of retirees from slipping below the poverty line and into homelessness.
How one call could wipe 8 years off your mortgage
Locked into a mortgage with no end in sight? This simple hack could wipe almost a decade off your loan.