Real Estate

‘Astounding’ $52 million deal rumoured for Toorak mansion

Written by The ReReport

A Toorak mansion is rumoured to have sold for $52 million.

But the deal has agents stumped despite the home being across the road from billionaire trucking magnate Lindsay Fox and in an enclave that is home to Melbourne’s uber rich.

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The sale would make the property at 53-55 Irving Rd the state’s second priciest residence, just behind Malvern’s Stonington Mansion, which was reportedly sold for $52.5 million by art dealer Rob Menzies earlier this year.

Industry sources say the Irving Rd deal was done without any agents involved, after the mystery buyer knocked on the door and made an offer.

The mega-sale is yet to settle.

It has raised eyebrows in Melbourne’s most expensive suburb, with those in the property industry describing the price achieved as “astounding” and “out of left field”, considering the landholding is only about 2000sq m in size.

Respected top-end buyers’ advocates Christopher Koren and David Morell both said the price surprised them.

“There’s nobody in their right mind who would be paying that for 2000sq m of land. Unless next door has found oil or there’s a fracking option,” Mr Koren said.

Mr Morrell said the price far exceeded what could be expected for the land size.

“Even at $15,000 per square metre, which is unheard of, that doesn’t get to two thirds of the (claimed) price,” he said.

The mansion is in good company, being across the road from billionaire trucking magnate Lindsay Fox’s compound, and a few doors from the Bertocchi family.

Title documents name Margaret Ebeyan as the owner of 53-55 Irving Rd.

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Tech entrepreneur Ruslan Kogan splashed $38.8 million on another Toorak mansion in April, while a Chinese buyer paid about $39 million for 1920s Toorak residence Mowbray and its massive 5000sq m block at 18 St Georges Rd in 2017.

-with Nathan Mawby

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