Medicinal-cannabis industry chief Matt Cantelo sold his cool Tamarama joint for $8.4 million at auction today and is heading to fresh designer digs he’s bought in Vaucluse for $19,525,000.
Mr Mantelo, who heads the Australian Natural Therapeutics Group, had to lower his expectations just a touch — the written reserve for the four-bedroom Neesen Murcutt-designed home with ocean views at 12 Carlisle St had been $8.6 million.
But he seemed pretty relaxed about it. “The timing could have been better, but it is what it is,” he said post-auction.
He’d bought the Vaucluse home back in September but “didn’t get around” to organising the Tamarama auction before December, though an earlier date probably wouldn’t have made too much difference.
Mr Cantelo had been considering a pre-auction offer from the young Newtown couple who ended up buying it, but Phillips Pantzer Donnelley’s Alexander Phillips and David Tyrrell convinced him to proceed to auction.
He’s glad he took their advice. “The offer had been lower,” Mr Phillips said.
Just one other party turned up to bid against them: a man who lived in the neighbourhood considering an upgrade at the right price.
When auctioneer Clarence White called for bid — “something around $8 million” he volunteered hopefully — the neighbour jumped in offering $7.7 million.
The Newtown couple immediately offered $7.8 million.
That was the only $100,000 bid, but the bidding dual of $50,000, $25,000, $10,000 and $5000 offers was fast-paced.
At $8,395,000, the neighbour offered $8,399,000 and announced that he’d hit the wall: “I’m out!”
No surprise, then, that the young couple offered $8.4 million, and after a short pause as Mr Mantelo lowered his written reserve and Mr White said he was going to sell it, they ended up with the keys.
The buyers, who work in IT, were a bit camera shy but looked to be overjoyed with their purchase.
Mr Mantelo hadn’t done a lot to the Tamarama property since he’d bought for $5,350,000 in 2012, though the water slide to a garden below that he had built would have cost a pretty penny.
“It’s been a wonderful home,” he said.
But now Mr Mantello, with 10-year-old daughter, Halle, five-year-old Rhodesian ridgeback, Foxy, and cat, Riley, are now off to the designer Queens Avenue Vaucluse home previously owned by the former Goldman Sachs director Karl Mayer and his wife, Tanya.
He says he got a good deal on that house, which is described as an “architectural masterpiece
with mesmerising harbour views” in the advertising. Clearly no dope.