IBISWorld boss Justin Ruthven upgrades in Brighton

Elwin, the vastly extended 1880s Brighton home, has been sold for $11.8 million to Samantha Ruthven, the wife of Justin Ruthven, the managing director of IBISWorld.

Last traded for $5,125,000 in 2010, Elwin had an initial $13 million price guide after a modern extension was added to the original red brick home.

Buxton Brighton Real Estate agents Halli Moore and Sonja Sendin handled the marketing.

Elwin was built for Edward a'Beckett, the first pupil on the Melbourne Grammar School roll, who was a portraitist after studying at the Royal Academy London.

The contemporary extension is connected to the original home by a double storey, glazed linkway.

The Buxton agency sold the Ruthann's nearby Brighton home ahead of this weekend's scheduled auction.

It was listed with $2.5 million to $2.7 million hopes, although the ANZ's price predictor website Realas suggested it was only worth $1.9 million.

This article was first published in the Weekend Australian.