One of inner Sydney’s finest: The house that Baz Luhrmann sold asks $40m

The last time Iona was for sale it was the headline listing of 2015, its star power boosted by then owners, Hollywood’s Baz Luhrmann and Catherine Martin and the house’s prominence as arguably one of the inner city’s finest mansions.

Almost a decade later the landmark Darlinghurst manor is again for sale, still with the same stately interiors, but with a more established garden and contemporary $40 million price expectations.

Iona was built in the 1880s, but spent much of the 20th century as a private hospital.

But as Tim Eustace, principal adviser at wealth management firm Mercury Private, and Salvador Panui (named Stephen on title) contemplate packing up their 22-room home, it is perhaps worth noting given the current debate over housing supply that the heritage-listed residence only survived the ambitions of so many developers because from 1912 to 1977 it was a hospital.

Iona was built in the late 1880s for pastoralist Edward Chisholm, and from 1908 was home to former Sydney lord mayor Sir Allen Taylor (after whom Taylor Square was named), and after a brief time zoned as a hotel it was returned to residential status when bought by entrepreneur Ian Gowrie-Smith in the early 1990s.

Mercury Private’s principal adviser Tim Eustace is selling his Darlinghurst mansion Iona.

Within its sandstone wall and solid iron gates Iona stands as an oasis in the high-density neighbourhood, commanding more than 2700 square metres and with towering century-old trees, a circular driveway and well-established garden.

Luhrmann and Martin had rented it before they bought it in 2006 for $10 million, using it as both their home and Bazmark headquarters.

They sold it a decade later for $16 million, and its integrity as a single family home has been reestablished by Panui and Eustace since, retaining all of its original grandeur as well as Martin’s distinctive wallpaper upstairs.

The seven-bedroom house has almost as many formal and informal living rooms, as well as a library, office, self-contained apartment, cellar, new kitchen, front and back stairwells, and 25-metre pool.

The original Victorian villa Iona was expanded in the 1930s to offer another wing to what was then a private hospital.

It is listed with The Agency’s Ben Collier given the couple’s return to New Zealand, albeit with plans to buy a “downsizer” for return visits. Think something with heritage and plenty of extra rooms.

No Shore thing

Still with our survivor heritage homes, the Victorian villa, Kailoa, in McMahons Point long-owned by the late insurance businessman and vintner Tony Maxwell and his widow Robyn Godlee is listed with a $13.5 million guide.

Built in 1885 for banker Sir Thomas Dibbs and later home to his brother, former NSW premier Sir George Dibbs, it now stands on one of the largest privately held parcels in McMahons Point of some 1900 square metres.

The Victorian villa Kailoa in McMahons Point was almost destroyed in 1980 to be tennis courts for Shore School. Credit: Domain

The sales campaign comes 44 years after next door neighbour, the Shore School made headlines when it started demolishing the historic house to make way for much-needed social housing. Just kidding, the high-fee private school had planned to knock it down for tennis courts, but was thwarted by conservationists, who mounted a 24-hour vigil to protect it from the bulldozers.

Maxwell and Godlee purchased it in 2003 for $3.8 million, renovating it throughout into a single-level residence with six bedrooms and a pool.

DiJones’s Tim Fraser and Nigel Mukhi have the listing honours.

Trophy home kid’s play

Mosmanites woke from a recent state of sedation this week to news the local market had finally cracked the $40 million mark (if not more than, at least close to), prompting a rally of calls about the buyer’s identity.

Mosman’s historic Kia Lama mansion sold this week for about $40 million, setting a new high for the suburb.Credit: Fairfax Media

For those who missed it, Sydney Swans chairman Andrew Pridham has been coaxed out of his mansion of the past 25 years by an unsolicited offer of some $40 million, and on a long settlement that frees him to rebuild his nearby Hopetoun house he bought in 2018 for $25 million.

Mark Mezrani, owner of Kidstuff, at work in his Glebe offices.Credit: Nick Moir

Atlas’s Michael Coombs seems to be the only guy in Mosman who won’t discuss the buyers, no doubt given gag orders. For the record, the buyers are Rosemary and Mark Mezrani, a former bullion trader at Macquarie Bank who co-founded now defunct online wine retailer Wine Planet before he went on to head up Camperdown Cellars and kids toy retail chain Kidstuff.

The Mezranis are long-time locals, but earlier this year sold their nearby home through Coombs for $25 million to StepStone Group’s Duane Cadman and interior designer Jennie Cadman.

Northbridge’s high hopes

Lawyer Charles Mendel is no doubt hoping Mosman’s record result will help with the sale of his family’s Northbridge property, and long-time home to his late father, Charles Mendel.

The Northbridge property spans almost 50 metres of waterfront and about 2000 square metres.

On offer is the 1972-built house that Mendel snr built across two titles, as well as the land next door owned by Mendel jnr, totalling almost 2000 square metres of north-facing land spanning about 50 metres of deep water frontage.

There’s a jetty, boathouse and mooring to sweeten the $37 million to $40 million deal, and the option to buy the adjoining block separately for $12 million to $13 million, and the house for $25 million to $27 million.

Belle Property’s David Forrester and Sotheby’s Michael Pallier are on the job.