The wealthy trophy home owners who failed to sell this year

If the 2024 property market is to be remembered for anything it is not for the who’s who of sellers, but the many more who didn’t sell.

You know who you are. Entrepreneurs, political types and minor celebrities caught up in the high hopes of 2023 only to see real buyers vacate the market in droves.

The Watsons Bay waterfront home of Gee Soon Low has been discounted by more than $10 million.Credit: Domain

In many cases, bullish guides have already been revised to meet the new market. Among those taking a cut to their initial hopes is Gee Soon Low, a member of the billionaire Malaysian family behind development giant Low Yat Group. The $50 million guide of March is now “just” $39.8 million.

For the record, the Watsons Bay waterfront house last traded for $2.7 million in 1994, so Low should still get by financially.

John Alexander is the former member for Bennelong.Credit: Dominic Lorrimer

Builder Robert Yazbek first listed his Pittwater trophy home Celeste two years ago with hopes of more than $50 million. Since then, a few agents have tried their hand at selling it, and the guide is a more prudent $35 million.

“Cossie livs” was already a thing among the Bowral set when former Liberal MP and tennis ace John Alexander launched his Southern Highlands estate Iona for $10 million to $11 million.

A year later and the Moss Vale property is yours for $7.5 million to $8.25 million, which still offers plenty of gain on the $4.85 million Alexander paid for it in 2017.

Wombat Hollow has been owned by Michael and Sue Yabsley since 1997.Credit:

Fellow Liberal Michael Yabsley has also read the memo. His East Kangaloon home, Wombat Hollow, long shared with Sue Yabsley was hoped to bring in $10 million when it hit the market ahead of Spring last year, but by March that was revised to $8 million and more recently the guide dropped to $7 million to $7.5 million.

Byron Bay has also seen more expensive days. Property developer and McGrath director Shane Smollen and his wife Rebecca have revisited their $40 million hopes of a year ago.

Shane and Rebecca Smollen are now asking $36.5 million for their Belongil Beach home.Credit: Domain

The designer residence on Belongil Beach was passed in at its June auction on a reserve of $37.5 million, and more recently priced at $36.5 million.

Adman John Singleton is scoring good interest on his resort-style home on the Central Coast. This is the Killcare Heights property called Panuma Pavilion he bought in October last year for $15.85 million as a love nest with seventh wife Sarah Warry.

John Singleton at his Mount White stud Strawberry Hill before it sold for $30 million.Credit: Louise Kennerley

Less than a year later and the marriage is over and buyers are being given a $13 million guide for the resort-style acreage.

Not that Singo likely cares about a potential loss. Even before he was ranked on this year’s AFR Rich List 200 worth $800 million he had sold his Strawberry Hill stud for $30 million to Tom Magnier’s Coolmore Australia, and his Paddington commercial site Bonython for $33 million to Annie Cannon-Brookes.

Young Rich List-er Stephen Dash started the year listing his Paddington terrace for $11 million given his home upgrade to a $48 million estate in Bellevue Hill last year.

The Paddington Street house was passed in at its March auction at $12 million, and as of August, carried a $10 million guide, which means it could prove a loss for the Credible founder on his 2021 purchase price of $10.3 million.

Tian Zhen is yet to find a $16 million buyer for her lavishly appointed Point Piper penthouse.Credit: Domain

China’s queen of soft rock Tian Zhen awaits a buyer on her Point Piper penthouse in the historic Kilmory mansion. It started the year with an $18 million guide, but that’s now $16 million.

Designer Darren Palmer, of The Block fame, was one of this year’s big name sellers ahead of Spring when he launched his Bondi Beach home he shares with husband Olivier Duvillard.

Darren Palmer took his Bondi Beach home off the market this week.Credit: Niki Schuch

It was on offer for $9.5 million before that was chopped to $8.5 million recently and then withdrawn from the market on Tuesday. Expect to see it returned to marketing sites any day now.

Also taking a breather from the tedium of inspections is lawyer Karen Beck, who set a $13 million record for terraces everywhere in 2016 when she bought her Potts Point home Saraville. Ahead of Spring it was launched with hopes in the “mid $20 million range”, but never sold.

Fund manager Michael Triguboff, nephew of billionaire Harry Triguboff, is holding out for $60 million for his home on the Vaucluse waterfront, and for those with a budget that stretches to $65 million there is the Point Piper trophy home Vaynol owned by rag trader Stephen Leibowitz and his wife Pamela.

Sonia Kruger is selling her $18.5 million Mosman home.Credit: Stephen Kiprillis

Sonia Kruger and her husband, Seven’s former director of news and public affairs Craig McPherson never managed to secure an off-market sale of their Mosman home, instead launching an $18.5 million sales campaign in recent weeks.

Nadia Fairfax sold her Paddington terrace she shares with husband Michael Wayne for $6.1 million.Credit:

But not every would-be seller has been left wanting. There was a happy ending for financier Michael Wayne and socialite Nadia Fairfax this week when they sold their Paddington terrace.

Raine & Horne’s Samuel Schumann secured $6.1 million, which was a smidge above the guide’s bottom line. Let that offer hope to you all.