Biltmore, Albert Park penthouse $3000 a week rental after $4.55 million sale

The penthouse in the landmark 1888 Biltmore, Albert Park building has been sold for $4.55 million by the so-called Saatchis of street art, edgy art collectors Sandra Powell and Andrew King.

It last sold at around $2.85 million in 2005 from the de Campo family who undertook the building's conversion from hotel premises.

It has majestic verandah archways and its interiors have 16 foot ceilings designed by architect Walter S. Law, who also designed Drummond Terrace and Medley Hall, Carlton.

One of the original streets of the 1855 Emerald Hill town plan, Bridport Street had developed slowly from the 1860s accompanied by the construction of the new railway cutting in 1857, but with a fillip with the new cable tram route in 1890.

The 40-room building was built in the free classical style as the Albert Park Coffee Palace, one of dozens of coffee palaces, part of the temperance movement, alcohol-free alternative to the public house.

The imposing four storey building with arcaded loggias became a private hotel in 1928. In the 1950s it was sold to the Royal Melbourne Hospital and used as a nurses' home, before reverting back to a private hotel in the mid-1960s.

It was refurbished and subdivided into 12 apartments in the mid-1990s.

It has majestic verandah archways and its interiors have 16 foot ceilings.

The four bedroom, three bathroom apartment comes with pool, spa and two basement carparks.

Cayzer Real Estate Albert Park agents Geoff Cayser and Michael Szulc had the listing.

Since its sale it has become available as a $3000 a week rental through Kay & Burton along with Cayzer.

It was a $2000 a week rental in 2008.