Late billionaire David Hains’ Toorak mansion expected to fetch more than $40 million

The luxury Toorak mansion of late billionaire businessman David Hains is for sale off-market for the first time in more than 50 years, and tipped to fetch $40 million to $50 million.

Buyers have been seen inspecting the seven-bedroom Georgian revival-style mansion, which was once home to newspaper magnate Sir Keith Murdoch.

The Albany Road home could sell for up to $50 million, sources say.

The sale of the home follows Hains’ death in January at the age of 92. The chief executive and founder of Portland House Group was estimated to be worth $2.9 billion.

Marshall White director Marcus Chiminello confirmed the home was for sale off-market, but would not make any further comments.

Industry sources said the address, one of Melbourne’s best-known, could be worth anywhere between $40 million and $50 million.

The street is known as “billionaires row”, given the neighbourhood includes the homes of business luminaries including Premier Investments chairman Solomon Lew and shopping mall magnate John Gandel.

David Hains’ property is for sale off-market following his death in January.Credit: Tash Sorensen

The Hains family purchased the property, which spans 3600 square metres of land, for $108,000 in 1968.

The home was built in the early 1940s and is covered by a heritage overlay because of its historical significance in Toorak.

It was purchased by Sir Keith Murdoch, the father of News Corp executive chairman Rupert Murdoch, in 1947, and was his home until his death in 1952. The mansion was sold the following year for £35,000.

While the home will command a premium price, expectations of $40 million to $50 million are well below the suburb’s top sales.

Last year, two grand Toorak mansions found buyers, with crypto king Ed Craven picking up a knockdown-rebuild at 29-31 St George’s Road for more than $80 million.

Another, at 17 St Georges Road, sold to a mystery buyer for almost $75 million. That home, known as Blair House, was sold as part of a deceased estate.

Hains started his business life in white goods retail, before moving overseas to invest and restructure a major US steel company.

He was also well known for his golfing, and was a top-tier horse breeder, owning champion racer Kingston Town, which won three consecutive Cox Plates in 1980, 1981 and 1982.

The businessman died about six years after his wife Helen. The couple left behind five children – daughter Cathy and sons Stephen, Richard, Michael and Paul.