Boot baron Mark Cloros drops price expectations for Palm Beach pad
The tide is going out on coastal prestige prices, as Redback Boots scion Mark Cloros has found, having cut $2m off price expectations for his lavish Palm Beach pad.
The tide is going out on coastal prestige prices.
Redback Boots scion Mark Cloros is now seeking $18m buyers for his lavishly renovated Palm Beach beachfront, having initially sought $20m in early spring.
The 1940s Iluka Rd property was renovated after being bought in 2021 from furniture retailer Anthony Scali for $11m.
There is still a huge profit potential as the renovation application to council had a $292,000 cost of works by the certifier.
Cloris is a fourth-generation bootmaker. Redback Boots manufactures industrial, hiking, hospitality and casual footwear in Australia.
Noel Nicholson of Ray White Prestige has the property scheduled for February 22 auction, after which Cloros intends to sail the Mediterranean spending time on the Greek island Kastellorizo, from where the family migrated in the 1920s.
Set on 563sq m, the four-bedroom, three-bathroom resort-style home sits on the Snapperman Beach millionaires’ row on Sydney’s northern beaches.
Ian Malouf, the Ahoy yacht broker, recently listed two of his nearby three Iluka Rd beachfront properties.
Palm Beach discount
The Palm Beach hillside offering of film director Michael Jenkins and his partner Amanda Robson is proving hard to sell, even when offered at a discount on it last sale price.
Nicholson has told buyers of its revised $4.7m price guidance.
Jenkins, who produced the hit television series Heartbreak High, paid $5m in 2022 when the family returned to Sydney after two decades in Tasmania.
Their retreat had been Trial Bay House on a 17ha waterfront overlooking the D’Entrecasteaux Channel at Kettering.
Trial Bay House is listed with First National Kingston agent Helen Lehanewho took over the $7.9m listing from Forbes Global Properties.
The most on the coast
The nation’s top advised coastal sale after weekend auctions was $2,225,000 at Blairgowrie on Victoria’s Mornington Pensinula.
It had been listed with $2.4m to $2.6mguidance through Fletchers agents Nick Callander and Josh Callaghan.
Another agency had it listed last March with $2.5m to $2.75m guidance.
The four-bedroom, two-bathroom Blairgowrie Ave house has views across the bay.
“The well-presented home is immediately liveable with scope to renovate or knock down,” the marketing advised.
It had last traded at $1,650,000 in 2010.
Callaghan secured last year’s top Blairgowrie sale when $4.5m was paid for a Brooks Ave house designed to look like a ship.
The property had been initially listed with $5m to $5.3m price hopes.
Warne’s downgrade
The Mornington Pensinula house owned by the late cricket commentator Shane Warne remains listed for sale, but at a reduced price guidance.
The four-bedroom, three-bathroom Portsea house was initially listed with $5.5m to $6m expectations last June. Its JP Dixon Real Estate listing agents Caroline Bailey and Jonathan Dixon now advise $5m to $5.5m expectations.
The former champion leg spinner had bought the 4023sq m Duffy St property with bluestone house, tennis court and pool in August 2020 for $3.6m.
Off the cliff
The priciest recent sales on the beaches of Mornington Peninsula highlight the weakening price trend.
The family of late Metricon boss Mario Biasin discounted heavily to secure the sale of their 19ha Flinders hobby farm, Solitaire with beach frontage on Western Port Bay. Listed with a $28m to $30m guide which was then reduced to $23m to $25m, it is whispered to have been sold for $20m plus to the Barlow family of 7-Eleven fame.
Biasin and his wife Glenda bought the property for $8.65m in 2006 from Oliver J Nilsen, the Radio 3UZ founder. It set a Victorian auction record through Kay & Burton agent Gerald Delany.
Paringa, the longtime Sorrento beachfront retreat of the late property developer Albert Mantello, fetched $13m, having been initially listed with $18m to $19.8m expectations.
PropTrack economist Angus Moore calculated Portsea’s house median was down 20 per cent to $2.925m, while Sorrento saw a 9 per cent fall to $2.15m.
Barwon Heads down
Over on the Bellarine Peninsula, near Geelong, the Barwon Heads riverfront of the Batrouney family had initial hopes to rewrite the record books last year.
The 2211sq m Carr St compound on the banks of the Barwon River hit the market with an $11m to $12m price guidance in October. But it now comes with a $10m asking price through RT Edgar agent Candace Smith.
The property comes with a five-bedroom house and a separate two-bedroom studio plus a jetty and boat ramp.
The $10.2m Barwon Heads record was set in the late 2020 sale to former Supercar racing driver and Total Tools chief executive Paul Dumbrell.
Adelaide’s finest
A seaside Tennyson property on Adelaide’s Tennyson Dunes ranked as the weekend’s priciest auction offering. It now comes with a $3.49m asking price through Kate Smith and Jett Matthews of Harcourts.
The property, which last sold for $850,000 in 2016, secured more than 10,000 page views on realestate.com.au prior to its scheduled auction.
The 970sq m Military Rd block has a 1950s two-bedroom, one-bathroom home and is on the same stretch as historic Estcourt House, the 17-room mansion built by land speculator Frederick Estcourt Bucknall in the 1880s.
Realestate.com.au put the South Australia weekend clearance rate at 70 per cent from 37 auction results.
Summer bonanza
The upcoming extended Australia Day weekend will see the biggest auction selection of coastal properties this summer, led by vendors on the Sunshine Coast and Gold Coast in Queensland.
Suburban listings then take over, although the Ray White Quakers Hill office had an early bird offering of eight properties on Saturday in western Sydney.
There were six sales by Josh Tesolin including the single level three-bedroom, two-bathroom investment property at 21 Pentland St, Quakers Hill for $976,000, having come with a $975,000 guide. It was a $620 a week rental in late 2022.
There were 12 registered bidders when a three-bedroom, one-bathroom Manorhouse Boulevard, Quakers Hill townhouse fetched $895,000, having come with a $730,000 guide.
The adjoining townhouse sold last March for $821,111.
Realestate.com.au put the NSW weekend clearance rate at 51 per cent.
The ASX listed McGrath group will put 130 Sydney offerings to auction on the first weekend in February across the West, North West, Hills and Hawkesbury offices headed by Kon Stathopoulos.
The listings range from a two-bedroom, one bathroom unit at 3/103 Lane St, Wentworthville, which has a $410,000 guide, to a five-bedroom house at Oatlands with $2.9m hopes.
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