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House Price Record Smashed – $26,000,000 AUD

House Price Record Smashed – $26,000,000 AUD

December 15
01:00 2010

$26,000,000 AUD

The sale of this 1930’s Spanish styled Estate called Ilyuka is expected to set Victoria’s residential property record of more than $26,000,000 AUD upon closing, exceeding the expected selling price of $20,000,000 AUD.  The previous highest price for a home in Victoria was set in 2007 when acclaimed art dealer Rod Menzies paid $18 Million for the Stonington Mansion in Glenferrie Road, Malvern.  While the listing agent, Gerald Delany, couldn’t give exact details he said “It’s been up for sale. It’s been promoted in the $20 million-plus bracket. It’s going to achieve that.”  They had spent over $200,000 on a marketing campaign including directing and producing a short film about the house (Can be seen below).  The video was directed to Millionaires locally and from around the world to show how the house can be enjoyed which included a day in the life of a fictional family, the Crawfords.

The current owner, former Computershare Direct Michele O’Halloran, paid $7,500,000 for the mansion which has underwent many renovations.  Ilyuka, which was originally built for American Oil tycoon Harry Cornforth in the 1930’s includes 8 Bedrooms, 8 Bathrooms, Full Sized Grass Tennis Court and private steps to Point King Beach.  The property has been recently restored and renovated and now offers the very finest in modern family living.  The unnamed new buyer is expected to pay stamp duty to the Government totalling $1,480,000!  The Herald Sun reported several foreign buyers were initially in the running for the house, but in the end, two serious parties were caught in a competition.  One of the potential buyers arrived in a helicopter to inspect the house.  Upon closing this could very well be the Record Breaking Sale for Victoria!

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