Concert promoter Andrew McManus' auction hits off note
{yoogallery src=[images/stories/august12mcmanus]}
Event promoter Andrew McManus didn’t get the right audience when his Toorak mansion went to mid-week onsite auction. Marshall White auctioneer Justin Long accepted a $9.8 million opening bid, and then placed an $11 million vendor bid given the audience participation had concluded.
The house last sold in 2008 mid-construction for $8.75 million.
The six-bedroom, six-bathroom house, with a seven car garage, had been initially commissioned for construction in 2007 by David Fox, the youngest son of trucking magnate Lindsay Fox, who sold before the property was completed.
The house now includes a study, gym, home theatre, billiards room and several outdoor entertainment areas, including a cabana and pool on its 1,389-square-metre block.
Bennison Mackinnon Armadale's Nathan Waterson was marketing the Myoora Road property in conjunction with Marshall White.
Long indicated there had been several $11 million-plus offers previously put to the vendor. The property now has price hopes of $13 million.
Long gave the crowd of about 30 an estimated $6.5 million current land value and suggested something like $9 million would be its replacement cost in 2014 dollars.
Prospective buyers had inspected the property up to four times before the auction.
The director of Andrew McManus Presents is said to have dodged the brief global financial crisis property downturn in 2008, after selling his former Orrong Road, Toorak, estate for $13.5 million having paid about $6 million in 2004.
