Simon family Point Piper sale swings pendulum back to the harbourfront
The Simon family have seemingly sold their vast concrete Point Piper harbourfront trophy home for around $30 million, some eight years after the initial listing.
Property Observer gathers its been bought by a current Wolseley Road resident.
It once had $60 million price hopes, reduced to $42 million by 2011, and then $38 million by mid-2013.
One listings website suggests 130 Wolseley Road is under offer through Sothebys, ending the peninsula's sales impasse that became embedded with the bullish sale of the $52 million trophy home, Altona in early 2013.
This year's two big trophy home sales have both been in Bellevue Hill.
The 933 square metre Point Piper property last sold in 1996 when the estate of the late FAI chairman Larry Adler secured $12 million from Peter Simon and his wife, Ruth, owners of the light-switch business HPM Industries, then Australia's 99th largest private company with its $170 million annual revenue. Adler's widow, Ethel had decided to stay in their Vaucluse residence which was bought in 1963 for 17,850 pounds.
Mr Adler had built after he bought the Wolseley Road block in early 1988 for $5.1 million from Westfield supremo Frank Lowy.
Frank Lowy had paid $2.675 million for it three years earlier then obtaining permission for a new residence.
The property title is in the name of Marion Richmond, following the death of her parents, Peter, then Ruth Simon.
The vast five-level concrete house now stands in the most verdant patch of Wolseley Road, neighbouring Duff Reserve, a popular fishing location.
The location in the 1950s saw respected architect Douglas Snelling undertake alterations and additions to a Victorian house at 130 Wolseley Road, Point Piper for Bernard Audette.
The six-bedroom, nine-bathroom waterfront, with boatshed, pontoon and electric winch, has Gergely & Pinter Architects-design origins.
It is the architectural firm that is currently at work on the high side of the road.
Demolition began last month on the Wolseley Road, Point Piper mansion owned by the son of a former vice-president of China, Zeng Wei and his wife, Jiang Mei, who are building a $5 million Gergely & Pinter designed house.