Demolished Toorak trophy home Idylwilde site relisted at $40 million plus
The empty site of a Toorak mansion controversially demolished in 2015 has been put up for sale with expectations of $40 million to $44 million.
It is owned by Xiaoyan “Kylie” Bao, who paid $18.58 million in 2013 for St Georges Road trophy home, Idylwilde.
Domain reported a caveat was placed last week on the property tile by corporate entity Abacus Calculators (W.A.) Pty Ltd claiming an interest as chargee.
The oversized block is a little over 4250 square metres sitting empty for almost four years.
The 16 St Georges Road, Toorak has been issued with a building permit for a single dwelling, Stonnington council confirmed.“Council has no authority to prevent blocks sitting vacant, and cannot instruct an owner to develop the land,” interim chief executive officer Simon Thomas told the local paper.
Council asked the then Liberal Government planning minister Matthew Guy for interim heritage controls which was rejected.
Idylwilde, the historic 1913 Edwardian villa with art nouveau influences, aka Ulva, was bulldozed by the Chinese tycoon Wang Hua, from the Jeshing Group and his wife, Xiao "Kylie" Yan Bao.
It was bought for $18.58 million from Elenberg Fraser boss Peter Devitt and his wife Jo and their family who owned it for the 16 years.
It was marketed internationally via a short film produced by Golden Eye Media.
The mainland Chinese buyer flew into Melbourne on their private jet to put the signature on the sales contract.
It has been reported Wang Hua, from the Jeshing Group, ranked in 2013 as China's 790th richest person, with a net worth of $400 million.
It was alleged on a visit to Australia, Mr Wang brought in a suitcase full of US dollars that was deposited in a local branch of a mainland Chinese bank, according to allegations in court documents.
Melbourne’s house price record stands at $52.5 million for the Stonington mansion in Malvern.