Trophy home revival as Lend Lease boss’s Elizabeth Bay home sells after 229 days

Lend Lease’s global CEO Tony Lombardo has just cashed in, to the tune of $13m but had to wait a long time to do it.

84 Elizabeth Bay Rd, Elizabeth Bay has sold for its $13m asking price after more than seven months on the market.

The landmark home of the Lend Lease global CEO came with grand plans for an architectural transformation — it’s finally sold for its $13m asking price after 229 days.

And agents say this sale — and several other big deals recently including a snappy $50m sale in Bellevue Hill — are signs of an improving trophy home market.

The 1890s six-bedroom mansion Keadye on a 510sqm block at 84 Elizabeth Bay Rd, Elizabeth Bay is in the name of May Chen, the lawyer wife of Tony Lombardo, who is the boss of the property giant.

May had bought it for $8.5m 2021.

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An aerial view of the landmark home.

It came with approved plans for an architectural transformation that included this pool.

Listed with an $11.5m guide last August via The Agency’s Ben Collier, it came with council approved plans for a dramatic redesign, with pool, lift, gym, cinema room and rooftop garden by the highly acclaimed architect William Smart, to reinvent it as a harbourside masterpiece.

There was an auction last year, where the property passed in. It was given an asking price of $13m.

In less challenging times, and when building costs weren’t so high, you’d expect it to have walked out the door.

It’s finally sold this week for $13m. Collier says he can’t name the buyer due to a confidentiality agreement.

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It currently has this grand staircase — the plans also provide for a lift.

The plans would create a truly impressive harbourside mansion.

He says there was consistent interest during the campaign due to the property’s location, size and approved William Smart plans.

“However, the required time and financial investment posed a challenge for some parties,” he added.

“Additionally, the start of the year saw a more positive buyer sentiment, with new buyers entering the market.”

Keadye was built by architect John Bede Barlow for grazier and politician James Macarthur Onslow, according to property records.

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Lend Lease’s.Tony Lombardo

He sold it in 1922 for £750 to then prominent lawyer and racehorse breeder Arthur Bowman.

The Wentworth Courier broke the news on Saturday that Kambala Rd home of filmmaker Warwick Ross sold for close to its $50m guide, via McGrath agents Luke Hogan and William Manning.

It had been listed just two days earlier and was set for a $66k international campaign.

The buyers were a local family.

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Originally published as Trophy home revival as Lend Lease boss’s Elizabeth Bay home sells after 229 days