Crypto entrepreneur Ed Craven confirmed as $38m buyer of Toorak mansion
Toorak is under siege from a wave of new money, with a cyber casino wunderkind snapping up a mansion in the Melbourne enclave for $38m.
Toorak is under siege from a wave of new money, with a cyber casino wunderkind snapping up a mansion in the Melbourne enclave for $38m.
Ed Craven, the founder of online cryptocurrency casino Stake.com, purchased the modern four-year-old home last month, the latest in a wave of purchases by buyers backed by fortunes made in the new economy.
The modern and light-filled dual level home commands 2000 square metres of land on a corner block of Orrong Road, Toorak. The four-bedroom entertainer was designed for indoor and outdoor living, with a natural colour scheme, integrated light flooring, dark oak cabinetry and stone elements.
Buyers agent Kim Easterbrook confirmed she brokered the off-market deal on behalf of Mr Craven but refused to comment further.
The technology entrepreneur launched a Melbourne-based gaming software developer, Easygo Solutions, in 2013. Four years later, out of the company’s Collins Street office, he launched Stake.com, which has quickly grown into what is believed to be world’s biggest online cryptocurrency casino. Not only is the site worth an estimated $1bn, it is the main shirt sponsor for English premiership soccer team Watford in a deal believed to be worth £5m ($9m).
The purchase is a massive step up for the technology entrepreneur whom company records indicate was renting a luxury apartment in the city’s Docklands precinct just a few years ago.
Orrong Rd’s previous owner William Deague, chief executive of property development company Deague Group, purchased the block four years ago for just $12.2m. He demolished the home that stood there, building the current home designed by Conrad Architects while his wife, Nat, designed the interiors. Marshall White’s Marcus Chiminello represented the Deagues in the deal, but declined to comment.
In a sign that the Toorak market is still running hot, the couple have engaged Conrad Architects to work on their next home, the architectural firm’s director Paul Conrad confirmed.
“As a studio we’re fortunate to work on many landmark properties in Toorak and Stonnington, however what makes this home truly exceptional is its seamless flow of spaces that connect the interior with the expansive gardens,” Mr Conrad said.
“While I know our client is sad to leave, we’re delighted to be working on their next home already.”
Toorak has long been considered the playground of the city’s rich and famous, holding some of the most prestigious homes and commanding matching prices.
Tech entrepreneur Ruslan Kogan has also splashed considerable cash in the suburb in recent years. He paid $38.8m for a three-block, 2600sq m property in 2018, which he followed up with a $20m purchase in November for his parents.
Chemist Warehouse boss Sam Gance spent $43.1m in the suburb last year in what proved to be the country's biggest ever auction result. He later offered a neighbouring home on the rental market for a cool $12,500 per week – requiring a bond of $75,000.
More Coverage
Urban vibe means inner-city suburbs are getting younger
Urban revitalisation in well placed areas of Australia’s capital cities is leading to vibrant suburbs where residents are getting younger and property prices continue to rise.
Vicars splashes cash for another Bondi buy
Billionaire fund manager Will Vicars has added to his eastern suburbs property portfolio with a $12.5m cash buy on the Ben Buckler headland in North Bondi.