Toorak: Late billionaire David Hains’ ‘prettiest house’ in the suburb sells for about $40m

A 10-bedroom mansion owned by late billionaire David Hains has been sold for about $40m after getting a $5m haircut from initial price hopes.

35-39 Albany Rd, Toorak has just sold for ‘about $40m’.

The “prettiest house in Toorak”, a 10-bedroom mansion owned by late billionaire David Hains has been sold for about $40m after getting a $5m haircut from initial hopes.

But a Mornington Peninsula stud farm valued at $50m and in the family’s name remains on the market.

The Albany Rd gem spent close to a year on the market before the sale, which is tipped to be followed by a $10m-$20m renovation.

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It is understood that while Marshall White’s Marcus Chiminello handled the listing of the home, a buyer might have been referred by local rival Andrew Sahhar from Kay & Burton.

Neither firm was in a position to comment on the sale, however industry sources said the buyer was local and thought to be upsizing from within the suburb.

Late billionaire David Hains.

It is also understood they paid about $40m for the home, the bottom of the $40m-$45m asking price set for the home when it was first listed last year.

Mr Hains was a noted horse breeder with notable mounts including Melbourne Cup winner Kingston Rule, and an engineer, but made his money as the founder of Portland House Group hedge fund.

His passing attracted tributes from Australian business luminaries including billionaire James Packer and horse racing boss Lloyd Williams.

Inside the luxurious living space.

The Albany Rd, Toorak, home was listed shortly after his death in January last year by his son Stephen acting on the family’s behalf.

Marshall White director John Bongiorno could not talk to the particulars of the Albany Rd sale, but noted there had been a shift in favour of vendors at the top of Melbourne’s real estate market this year and there were “definitely” more big sales to come.

Mr Bongiorno added that after an initially strong start to listings in 2024, there were signs the number of homes coming to the market for more than $5m would not be as strong in May and June.

“I think the pendulum has swung towards the vendor at the top end of the market and we have seen some great sales,” he said.

The home’s pool and back yard.

Toorak top end buyer’s advocate David Morrell said the home had sold for about what it should have.

“I’m surprised it took so long, it’s the prettiest house in Toorak,” Mr Morrell said.

He added that he suspected buyers had initially been turned off by the prospect of a renovation at the home, which he estimated could run into the tens of millions of dollars and take it up to a $60m home.

With another $40m sale on nearby St Georges Rd for entrpeneur and whisky baron David Prior earlier in the month, and other notable sales in other parts of Melbourne, Mr Morrell said the top end was defying logic that hinted it should be slower at the moment.

“It’s a bit like the share market, it keeps going up – but nobody knows why,” he said.

Sotheby’s International Realty boss Rob Curtain is handling inquiry for the Hains family’s Kingston Park – where they pursued Melbourne Cup wins including the record of the fastest ever cup win with Kingston Rule.

Kingston Park', which was also owned by the late David Hains, is one of the Mornington Peninsula’s largest combined land holdings, and still up for sale. Picture: Supplied

The 61.5ha Merricks property has multiple residences, horse infrastructure and spans 10 titles with views to Phillip Island.

Mr Curtain said they had received a number of offers for the property but had yet to find a buyer able to accommodate a sale of the entire allotment and consideration was being given to selling it in smaller parcels.

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Originally published as Toorak: Late billionaire David Hains’ ‘prettiest house’ in the suburb sells for about $40m