Ian Malouf sets sail with bid to sell off Palm Beach ‘toys’ for $65m
Ahoy Club yacht broker Ian Malouf has listed two of his three beachfront properties at Sydney’s Palm Beach with the aim of securing a $65m sale.
Ahoy Club yacht broker Ian Malouf has listed two of his three beachfronts at Sydney’s Palm Beach. They are side-by-side offerings overlooking Pittwater on pricey Iluka Rd.
“It’s too many toys in the one street,” Malouf told Competing Bids on the reason for the listings. He hopes to secure $65m in one line or cumulatively.
One has had a striking 1960s Palm Springs-inspired makeover since its purchase for $18.6m in early 2022. The house has been decorated with vibrant colours, including banana leaf wallpaper.
There is plenty of Barbie pink cabinetry, plus leopard-pattern carpet at the house they have called Gidget. It has two luxury bars.
Father-son listing agents David and BJ Edwards at LJ Hooker are marketing the five-bedroom, four-bathroom abode set on 613sq m on Snapperman Beach reserve.
Moondoggie, the neighbouring property, also for sale through LJH, is a seven-bedroom, four-bathroom residence on a 617sq m block.
The property last sold for $2.06m in 1997, with Malouf reported as its delayed settlement terms buyer in early 2021 for about $20m from Joanna McNiven, widow of the late bond dealer John McNiven.
Malouf, who sold his Dial-a-Dump business to Bingo Industries in 2018 in a $577m cash and shares deal, intends retaining his nearby double-block home Anakela, which set the $40m price record at Sydney’s pricey summer playground in late 2022.
With several prestige listings yet to find buyers, the priciest known Palm Beach sale in 2023 was $13.5m, when Squadron Energy chief Jason Willoughby reset the ocean clifftop record.
Whale Beach also saw a new record after the $14.3m sale by veteran fund manager Mike Crivelli and his horticulturalist wife Susie.
It sold to Renato Coneliano, managing director of the ASX-listed chemicals distributor Redox, and wife Catherine.
Sorrento tops sales list
The priciest sale reveal on the beaches of Victoria’s Mornington Peninsula was Sorrento offering Paringa, which fetched $13m mid-year.
The beachfront had been a December 2022 listing through Kay & Burton agents Gerald Delany and Liz Jensen when offered by the executors of the late property developer Albert Mantello.
The views from the modern four-bedroom, four-bathroom Leggett Way mansion take in the Blairgowrie Yacht Squadron.
Mantello and his late wife Lorraine had paid $9000 in 1973 to the neighbour, car dealer Michael Cadden, for the 1884sq m building block within what had been a 1960s subdivision by the Boykett family.
It seems the Cadden family could not resist the opportunity of adding Paringa to their longtime holding.
Clifftop opening
Wandin, one of the Shelley Beach, Portsea homes that extends from Point Nepean Rd to the sand, is the Victorian clifftop strip’s latest offering.
Set on an expansive 3538sq m parcel, it has been listed with a $16m-$18m price guide through Warwick Anderson and David Gillham of RT Edgar in conjunction with Buxton’s James Redfern.
The Henderson family’s 1910 weatherboard house has been expanded over the years to accommodate new generations including Ronald, the economist who led the McMahon government inquiry into poverty in 1972, and provided input for the Prices and Incomes Accord during the Hawke government.
The two-title 3592 Point Nepean Rd offering comes with an asphalt tennis court and boatshed.
Beach mystery
Mystery surrounds the nation’s priciest residential beach property sale of 2023, which was on Queensland’s Sunshine Coast.
The $28m deal secured a 1989-built home on 3520sq m with a 62m frontage at Sunshine Beach.
The Ross Crescent property was sold by lawyer Rod Sykes and wife Penelope, who had bought in 1987 for $200,000.
Designed by architects Geoffrey Pie and David Teeland, the five-bedroom home is surrounded by palm trees.
Father-daughter selling agents Tom and Rebekah Offermann of Tom Offermann Real Estate said the property offered “such privacy that few people even know that it exists”.
Its December settlement was registered by a company directed by David Turner of Turners Accountants in Sydney, with no reveal on its ultimate beneficiary owner.
High hopes at Belongil
The nation’s priciest current beachfront listing is the Bryon Bay offering of Central Element property developer Shane Smollen.
The 2097sq m Belongil Beach site was purchased from the late showman John Cornell and his wife Delvene Delaney, who had bought their larger 9300sq m compound from developer Peter Kurts in 1987 for $375,000.
It is set close to chef Shannon Bennett’s house, which has been in the paparazzi spotlight over the summer break.
Following a three-year construction by Atlanta Building, Smollen’s U-shape beach house was completed in November and featured on the cover of Mansion Australia’s December issue.
The five-bedroom, six-bathroom Border St property was designed by architect John Bornas, from Workroom Design. The living room has 4.5m Blackbutt ceilings with full-width Vitrosca sliding glass doors, fully stackable, with a concealment space along with retractable flyscreens.
Offers are due by February 2.
It is being marketed by Nick Dunn of McGrath Byron Bay in conjunction with Ed Silk at Ed Silk Byron Bay, with expectations of easily eclipsing the record-breaking $23m paid by Afterpay’s billionaire co-founder Anthony Eisen on Wategos Beach and the $22m record by hospitality billionaire Justin Hemmes nearby on Belongil in May.
Smollen, a director at the ASX-listed McGrath Estate Agents, and his wife, tr️avel and fashion digital creato️r️ Rebecca, are relocating to the Gold Coast due to family schooling needs. They recently bought Alston, a Southport riverfront home, for $24.8m from Fusion Capital co-founder Mathew Fitch.
Their island home
Elizabeth Island, a 26ha off-the-grid freehold island with secluded beach and wedged between French and Phillip islands in Western Port Bay, has been sold to a Melbourne buyer.
Zee Sarwari and James Hatzolos of RT Edgar Manningham secured the pre-Christmas sale after it hit the market with a $8.9m-$9.79m price guide in November.
There are two residences, with views overlooking the cliffs of French Island National Park.
Its vendor, former ANZ staffer Anne Tillig and her late husband Ivan Vit, paid $175,000 in a 1997 mortgagee sale.
The island was marketed as suitable for farming activities such as vineyards or olive groves. “There’s no council rates or land tax, the only fixed outgoings are an annual fee for the jetty licence and a bushfire levy,” Hatzolos said.
Its name dates back to 1801, when lieutenant James Grant, in the early charting, called it after Elizabeth King, the four-year-old daughter of governor Philip Gidley King and his wife Anna.
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