Former yoghurt mogul almost doubles his money on $40m Toorak mansion sale

Former yoghurt mogul David Prior has almost doubled his money on a Toorak mansion, inking a deal to sell it for $40 million.

The founder of five:am yoghurt bought the luxury home at 14 St Georges Road, on one of Melbourne’s best streets, for $23.3 million in 2014 from restaurateur Chris Lucas.

The residence at 14 St Georges Road has found a buyer.Credit: Kay & Burton

Prior now owns Bladnoch Distillery in Scotland and his increased commitments at the whisky business have prompted the decision to sell.

The residence was listed last year with a price guide of $46 million to $50 million through Kay & Burton managing director Ross Savas and Kay & Burton partner Jamie Mi. The home had previously been available off-market for the right buyer.

Savas confirmed the sale but declined to comment on the details or the buyer. A source with knowledge of the deal but not authorised to speak publicly put the price at $40 million.

Savas would say only that it was “a remarkable property and one of the most iconic homes in Melbourne”.

“This is an unparalleled trophy home and everyone is very happy with the result,” he said in a statement.

“We’re seeing unprecedented demand for luxury property,” he said, adding some properties had risen in value by 45 per cent to 50 per cent in five years, a trend he expects to continue in the next five years.

“We’re now entering a golden window with Chinese New Year and a great opportunity for vendors to secure their best results through potential international buyers.”

St Georges Road, alongside Albany Road, is considered one of the most sought-after streets in Melbourne, and holds the city’s house price record of more than $80 million set by crypto king Ed Craven for a knockdown on the other side of the road.

The residence previously traded for $23.3 million.Credit: Kay & Burton

Prior’s neighbour Xiaoyan “Kylie” Bao made headlines when she paid $18.58 million for 16 St Georges Road in 2013, then applied to council for a permit to knock it down and demolish the house, prompting fury from locals. The City of Stonnington had made a bid for heritage protection that was rejected.

Bao put the empty land up for sale in 2019 with an asking price of $40 million to $44 million. At the time, Stonnington Council said it had no authority to prevent blocks from sitting vacant.

Another headline-making neighbour paid $38 million for a fire-damaged house at 18 St Georges Road in 2017.

And 20 St Georges Road was the site of Melbourne’s first million-dollar sale when it traded for $1.01 million in 1980. The block was later subdivided and the original house was demolished, but its replacement sold last year for a reported $23 million.