Cloyne, the noteworthy Toorak trophy home, sells
Cloyne, the landmark Toorak residence, has been sold for around $3.8 million.
The Sotheby's International agents Greg Herman and Robert Curtain reduced the expectations to a $3.95 million asking price earlier this month.
With prominent porte-cochère, Cloyne is one of the few substantially intact homes designed in the 1920s by Harold Desbrowe Annear.
It was built at 611 Toorak Road, Toorak in 1926 for Louis Nelken, reputedly a former Royal family butler, who married into the establishment Baillieu family. He was a director of Australian Knitting Mills.
It last sold in early 2011 at $3.5 million, thereby reflecting 2.3% annual growth before its latest acquisition by Chinese buyers, Huiqin Zhang and Hongyuan Wang.
The eccentric five bedroom, five bathroom house initially had a $4.8 million asking price.