Green Gables, Vaucluse sells to Malek family

The Vaucluse waterfront property Green Gables has been sold to the Malek family.

The Coolong Road residence has been home to the Mayo family for 33 years having been bought for $1.15 million in 1981.

The asking price was $20 million, though no price has been revealed following the 8 July exchange of contracts.

It actually appeared as withdrawn from sale on its Homehound listing in May. It had been very very close to sale in 2011 at around $18 million.

Prior to the Mayo family, it was owned by the late merchant banker Frank Nugan, who paid $450,000 for it in 1976.

The 1,659 square metre property comes with 1920s five-bedroom, four-bathroom home with beach, pool and jetty.

It has been bought by Michelle Malek, the wife of Ron Malek, a co-founder of the corporate advisory firm, Caliburn Partnership who sold his stake in 2010. He remained as the joint head of the boutique corporate advisory firm Greenhill Australia, enjoying a stock windfall as part of the three year delayed payment for the sale of the Caliburn Partnership business to the Wall Street firm in 2010.

The Malek couple are based in Bellevue Hill.