Albert Mantello’s Sorrento waterside jewel tipped to fetch $20m
Paringa, the longtime Sorrento beachfront retreat of the late property developer Albert Mantello, is an early summer prestige listing on the Mornington Peninsula.
Paringa, the longtime Sorrento beachfront retreat of the late property developer Albert Mantello,is an early summer prestige listing on the Mornington Peninsula.
Offers close December 8 with $18m to $19.8m expectations through Kay & Burton agents Gerald Delany and Liz Jensen for the 1884sq m holding.
Mantello, who passed away aged 87 in September last year, four years after wife Lorraine, made the family fortune from property investment and development.
His projects included the Sandhurst estate, a 36-hole golf and residential community located at Skye, on Melbourne’s outer southeast; luxury villa Atas Ombak in Bali, which was developed in 1995, and the Cove estate at Queenscliff.
Mantello, who briefly captained the North Melbourne VFL team in the early 1960s, was a true giant of the game. He’s also credited for a pivotal administrative role in the transformation of the Roos from their 1972 wooden spoon to their premiership era with the recruitment of Ron Barassi as coach in 1973.
Set near the 1803 settlement site of lieutenant governor David Collins on Sullivan Bay, the land of the Boonwurrung people, the views from the modern four-bedroom, four-bathroom Leggett Way mansion take in the Blairgowrie Yacht Squadron.
The holding has been in the family for close to five decades, Mantello paying $9000 in 1973 when he was a hotel and motel broker to Michael Cadden at Booran Holden Caulfield. Cadden had bought it after a 1960s subdivision by the Boykett family, who were part of the Portsea Golf Club development in the 1920s.
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Sydney’s ‘surprise’
At just shy of 70 per cent, Sydney took the baton as the nation’s strongest auction capital when its 69.7 per cent preliminary clearance rate hit its highest level since April.
Tim Lawless at CoreLogic described it as a “surprise bounce” from the 62 per cent prior week.
“The last time Sydney recorded the highest national preliminary clearance was September 2021,” Lawless added.
It came as Sydney hosted 701 auctions last week, down 6 per cent on the prior week, mimicking the national listings shrinkage trend at a time when spring volumes would typically be peaking.
Professional punter Lincoln Holgate sold his three-storey riverfront residence at Woolwich on the Hunters Hill peninsula in the nation’s priciest outcome.
Only registered bidders and born-again auctioneer John McGrath were permitted to attend the Mayfield Avenue home auction following its relisting by McGrath agent Tracey Dixon.
The vague post-auction advisory was that it fetched “more than $20m”, with three parties seeking the keys to the home built three years ago.
The abode, with 585sq m internal space over three levels, had failed to sell when listed this time last year – with $23m to $25m price guidance – with another agent. The revised guidance was that it would fetch around the early $20m mark.
Sydney saw a $9.5m pre-auction sale at Bronte.
And although the withdrawal rate has dipped to 15 per cent, the lowest since April, Matthew Kapp, the executive chairman of web personalisation start-up Ozmota and his wife, Joanna Kapp-Cales, have pushed back their Freshwater auction by a fortnight.
But at nearby North Curl Curl, former NSW premier Mike Baird and his wife, Kerryn, have sold their five-bedroom home pre-auction, having sought around $5.5m.
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Clearance rise
Melbourne’s priciest weekend listing, the four-bedroom house with tennis court on 980sq m at 40 Head St, Brighton, had its auction date pushed back a fortnight while retaining its $6m to $6.6m price guidance.
Melbourne saw 764 homes taken to auction and its preliminary clearance rate rose 1.2 percentage points to 62 per cent. There was an undisclosed post-auction sale in South
Melbourne after the 1880s house at 4 Anderson Rd was passed in at $5.8m.
There were the three bidders, with buyers’ agent Jobe Watson entering the fray at $5.3m and taking the opportunity to continue discussions with Marshall White agent Oliver Bruce inside the two-storey home, which sold soon after.
The Emerald Hill precinct home, with large study, last sold at $4,512,000 in 2017 after a $440,000 renovation in 2012. It had a $5m to $5.5m price guide this time. Its prior owners included the 1972 co-founder of The Campaign Palace, adman Gordon Trembath, who bought it in 1970 for $22,850 and sold in 1976 for $98,000 to another adman, Conrad Standish. The Campaign Palace office was at nearby Finn Barr, an enduring example of the exuberant 1880s boomtime on Cecil Street, which was bought by the agency for $68,000 in 1973 and sold in 1982 for $439,700.
Melbourne’s top advised sale was in nearby Albert Park when a three-bedroom, three-bathroom contemporary home at 10 Greig St fetched $5.1m through Bruce in conjunction with Tom Ryan Vendor Advocacy.
It was last sold in 1980 at $53,000 prior to its construction.
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Bidding battle
Brisbane auction volumes were down 40 per cent on the prior week. It saw a $6.87m sale when a Clayfield home sold after bidding from four of its six registered parties. The Union Street residence, known as 7 Courtyard House, was designed by architect Shaun Lockyer on its 1169sq m holding for Steve Morris and wife Sasha, who were the recent buyers of the Rob Cottee-designed Tanglin House elsewhere in Clayfield for $6.95m.
There were 264 buyer inspections, Ray White New Farm agent Matt Lancashire advised.
It was on the market at $6.7m with a local buyer outbidding an expatriate phone bidder from Hong Kong.
The former asbestos shack on 1169sq m cost $1.2m in 2012.
Set among Steven Clegg landscaping, there is an M2 Construct builders’ warranty until December 2024.
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Long wait over
Canberra’s weekly volume dipped 30 per cent to 114, with its preliminary clearance rate at 61 per cent. The weekend’s top sale was $3.83m in Forrest. Empire Estate, the five-bedroom Empire Circuit home, sold through Mario Sanfrancesco at Blackshaw Manuka to the only active bidder, among the two registered parties. It had been for sale since February with its price expectations revealed at $4.5m in June.
The home on its 1470sq m block with imposing porte cochere had its last major refurbishment in 2019, having been designed in the late 1930s by early Canberran architect Kenneth Oliphant. Its dining room holds a table for up to 22 guests.
The vendors are the Lee family. The address is on ASIC records as the home of the Wang family from Coda Property Group, who were the recent $21.5m cash buyers of the Bellevue Hill home of Carly Sahyoun, the wife of Andy Nahas from the Coronation Property family.
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