Real Estate

Point Piper penthouse sells for $16m+ as dentist David Penn buys a $7.75m Double Bay investment

Written by The ReReport
As seen in the Source link, written by on 2021-03-01 01:48:53

The Point Piper penthouse of the late sportswear distributor Archie Hendler and his late wife, Yetta, has sold for more than $16m — and dentist David Penn has spent up big in Double Bay.

The Wentworth Courier turned up to cover Saturday’s auction of the Hendler apartment with Harbour Bridge and Opera House views to discover a sold sticker on the signboard outside 4/10 Wentworth Street.

Ray White Double Bay principal Elliott Placks in conjunction with Sotheby’s managing director Michael Pallier were the agents for the sale. Other sources say the penthouse sold for more than the $16m price guide. CoreLogic shows the couple bought it for $3,325,000 in 1993.


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Meanwhile, over in Double Bay, the charming old Cross Street home of dentist Dr Angelo Sklavos and his wife, Fiona sold to another dentist — Dr David Penn and his wife, Linda, the Lowes CEO, for a bullish $7.75m.

Walter Antonelli of Sotheby’s had been quoting a guide of $5m.

The Penns and another enthusiastic bidder competed strongly and both appeared determined to secure the property, with the hammer falling to the Penns.

That’s yet another one for the Penns’ extensive investment portfolio. They reside in the Point Piper mansion Villa Veneto, bought for about $52m in 2010.

Another doctor also sold well at auction on Saturday in Bellevue Hill. The five-bedroom cottage on a 470sqm block at 20 Rivers Street of Professor Josephine Clayton — purchased for $1.3m in 1998 — sold for $7.15m through Michael Pallier of Sotheby’s.

The auction in the backyard had four active bidders. With Sotheby’s auctioneer Stuart Davies presiding, it opened at $4.5m and quickly rose to the $7.15m sale price.

In November last year, a similar home on the same size land two doors away at 16 Rivers Street sold for $4.916m. This provides further evidence of the current strengthening of the market over the past few months.

Later on the same day, a four-bedroom home in original condition at 12 Derby Street, Vaucluse — which property records show was in the name of Adelheid Eggleston — was going under the hammer for the first time in 57 years. It sold for $6.1m.

So many people turned for Michael Pallier and Stuart Davies’ auction — about 100 — that there wasn’t room to hold it inside — it had to be held out in the street to maintain social distancing.

Bidding started at $5m and quickly rose to the final selling price of $6.1m. Davies had announced the home on the market after the $5m opening bid.

Six bidders competed.


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