NewsBite

Toorak ‘ghost’ mansion for sale for $80m

It’s unfinished, neglected and has been empty for decades. But the Toorak block on which this mansion sits could fetch a record.

The Toorak mansion is unlivable but the land alone could attract a record-breaking bid. Picture: CorLogic
The Toorak mansion is unlivable but the land alone could attract a record-breaking bid. Picture: CorLogic

An unlivable property in the prestige Melbourne suburb of Toorak, dubbed the “ghost mansion”, is being sold off market for $80m.

David Yu, director of property developer Ausvest Holdings, is hoping to make a pretty profit on the 7246 square metre landholding, which he bought for $5 million in 1991 in the fallout from Australia’s last recession.

Should the block on the sought-after St Georges Rd quietly achieve $80m, it will top the Victorian record for a residential property sale. It was last set in 2018 when art dealer Rod Menzies sold the former government house, Stonington, in the neighbouring suburb of Malvern, for $52.5 million.

Andrew Baines, managing director of agency Andrew Baines & Co, has already shown several potential buyers through the property but said the block “is very much being sold off-market”.

“In reality, half of Toorak is for sale if the owner is given an attractive offer,” Mr Baines told The Australian. “But, this has always been the case.”

“This is a generational property. It has been about 15 or 20 year since anything like this has become available in Toorak.”

Mr Baines said the purchase of the property would very much be for the land only, which has been valued at $11,000 per square metre.

Then Hoyts boss Leon Fink was in the middle of building a French Renaissance-style mansion on the block when banks took possession of the property in 1991. The home was never completed and has stood vacant ever since, falling into disrepair and becoming non-compliant with today’s building standards.

The generous land size could prove attractive to a wealthy individual looking to build their dream home in a prized Melbourne locale, or a property developer hoping to take advantage of attractive prices in the premier suburb.

The past decade has seen several prestige mansions change hands in big ticket deals.

Property developer Harry Stamoulis famously paid $24 million in 2010 for more than 6000sq m of land at 39 St Georges Rd, Toorak. The former Baillieu family home was later demolished to make way for a private palace, at a rumoured cost of $70 million.

The wealthy Chinese owners of 16 Georges Rd, Wang Hua and Xiao “Kylie” Yan Bao, listed the property for $40 million. After purchasing it in 2013 for $18.58 million, the pair controversially demolished the grand 1913 mansion “Idylwilde”. The block remains cleared today.

Add your comment to this story

To join the conversation, please Don't have an account? Register

Join the conversation, you are commenting as Logout

Original URL: https://www.theaustralian.com.au/business/property/toorak-ghost-mansion-for-sale-for-80m/news-story/ad1e1bfe3058c9cd2418500a3c34ae05