Toorak mansion becomes the nation’s most expensive home

An grand Italianate estate in Melbourne’s Toorak has been crowned the nation’s most expensive home after changing hands for a price believed to be $150m.

The Toorak mansion, Coonac, is believed to have changed hands in a record $150m deal.

An grand Italianate estate in Melbourne's Toorak has been crowned the nation’s most expensive home after changing hands in a deal believed to be $150m.

The property called Coonac, widely regarded as one of the city’s finest homes, was owned by the founder of freight company Toll Holdings, Paul Little, and his wife, University of Melbourne chancellor Jane Hansen.

The home commands more than an hectare of prime land in Melbourne’s most exclusive suburb, one of the last surviving mansions from the Crown allotments offered in the mid-19th century.

It was built in 1876 by pastoralist Robert Ronald, and the current owners are believed to have renovated the 20-room home.

Kay & Burton chairman Gerald Delany and managing director Ross Savas are understood to have brokered the deal, but Mr Delany declined to comment when contacted by The Australian.

The identity of the buyer is unknown.

Property records show the home on Clendon Road last changed hands in November 2002 for $14.5m.

The record sale eclipses the previous record of $130m set by two properties in the blue-chip Sydney suburb of Point Piper in late 2022.

Atlassian co-founder Scott Farquhar and his wife Kim Jackson purchased the hilltop Scottish baronial home, Uig Lodge, before selling their waterfront property, called Elaine.

However, $140m was paid for the crown jewel of Lendlease’s One Sydney Harbour, which was an amalgamation of several apartments into one sky home.

The previous Melbourne record was held by the online casino billionaire behind Stake.com, Ed Craven who was just 27 when he purchased Toorak’s “ghost mansion” for $80m in 2022.