Trophy home smashes price record to become second-most expensive home in SA

This SA home just smashed price records and took its place in a coveted hierarchy of trophy homes.

The property has smashed the price record for Gilberton.

A modern mansion has smashed property records in the highly prized suburb of Gilberton, selling for more than $11m to become the second-most expensive residential property in South Australia.

The no-expense-spared, contemporary manor Opus, at 8 Edwin Terrace, was sold by Fox Property agent Nick Pelvay last month, in a deal industry insiders said was between $11m and $12m.

The eye-watering sum eclipses the previous suburb benchmark in Gilberton of $8.8m, set by the sale of a sprawling five-bedroom mansion, across the road at 7 Edwin Terrace, in November.

It remains shy of the whopping $12.5m record for SA’s highest public house sale, achieved when a stunning 4 Victoria Ave, Unley Park manor settled last August.

MORE: Buy the ocean – Insane Aussie home sale revealed

The home sold for more than $11 million.

It is now the second-most expensive home in South Australia.

MORE:Iconic SA vineyard to be destroyed for 1000 homes

Mr Pelvay would not confirm the sale price but said both the vendor and the buyer, who is believed to be in the building industry and has several business interests, were “very happy indeed’’.

He said 12 offers, all from SA, had been received for the property, which had been on the market for the past nine months.

“Transactions of this level take a little more time and care but we got there in the end and we are very, very happy with the price,’’ Mr Pelvay said.

“It was a local Adelaide buyer who had inspected the property early on in the (marketing) campaign and then circled back again later.

MORE:Iconic Adelaide music venue set to disappear

The new owner is believed to be from within the building industry.

The swimming pool also includes an undercover spa.

MORE:Popular holiday home sells in multimillion-dollar deal

“They told me that on their evening walk they would walk past this property during its construction and they were in love with it even at that time.’’

Set on a massive 4085 sqm land parcel in one of the state’s most exclusive suburbs, the neo- classical-designed home was built in 2018.

Across three lift-serviced levels, it offers four bedrooms, a banquet room, a great room and a grand foyer with an ornate staircase balustrade.

There is also a gym, cellar, a resort-style pool and spa and a tennis court.

Mr Pelvay said while the buyer had been impressed by the home’s grandeur and imposing street presence, it was the size of the property that really won them over.

MORE:Government unlocks surplus land for housing

An outdoor kitchen offers year-round dining options.

An outdoor fireplace allows for comfort anywhere on the property no matter the weather.

“To get a landholding like this, for a newer construction, in this area – there’s just not a lot of them,’’ he said.

“Typically, they (larger land parcels) are character homes and character homes are not for everybody.’’

He said the sale would help boost prices at the higher end of Adelaide’s property market.

“We are seeing sales in excess of $10m more and more frequently now,’’ Mr Pelvay said.

“There’s always going to be a price ceiling on property but … we don’t seem to be at that

ceiling just yet.’’

Originally published as Trophy home smashes price record to become second-most expensive home in SA