Bellotti buyer revealed

Bellotti buyer revealed
Bellotti buyer revealed

The mystery buyer of former ANZ banker Steve Bellotti's Palm Beach retreat are fellow Mosman residents, Kellie and Stew Bailey.

The bullish beachfront price has been revealed at $12.3 million.

Stew Bailey is best known having sold The Bailey Group, co-founded with his brother Matt, to the Photon Group for $36.8 million in 2004. He remained at Photon as managing director of the field marketing division. 

Bellotti and Bailey reputedly did the deal over dinner.

Bellotti, ANZ’s then managing director of global markets, had paid $8.4 million in 2011 to dentist Graham O'Neil for the 558-square-metre holding with an architect-designed two-storey, five-bedroom beach house complete with boat and watercraft storage area with hydraulic floor lift.

It ranks among the few Iluka Road properties with title to the high-water mark, whereas the other properties are mostly reserve frontage overlooking Pittwater.

Its latest sale ranks as the second highest sale on Iluka Road, still some way short of the $15 million street record set when Uncle Toby's founder, Doug Shear bought Anakela from the late grocer tycoon Jim Fleming and his widow Angela in 2007.

The highest sale in the interim was when AC/DC founding member Malcolm Young and his wife O'Linda spent $10 million in 2014.

Round on the oceanside, the Toohey hotelier family have finally sold their longtime Palm Beach weekender, Tigh na Mana.

It has been in the family for more than five decades, selling at a little less than its $3.95 million revised asking price through Christie's International.

Tigh na Mara, one of only 20 properties fronting Ocean Road, last traded for £19,000 in the early 1960s.

The family patriarch Vincent James Toohey - who built the original Time and Tide Hotel in Dee Why - secured 15 Ocean Road with his wife Irene.

The beach house on 900 square metres is directly opposite the sand.

More than $4.9 million had been initially sought. 

It was 1981 when the late Kerry Packer broke through the suburb's million-dollar threshold with his $1 million purchase from the MacCormick family. 

His daughter, Australia's newest billionaire Gretel Packer secured the Palm Beach retreat in the recent settlement that divvied up the assets from the family's vast fortune.

The bungalow on its well-shaded 4000 sqm beachfront reserve holding was transferred recently with a notional $24 million value.

Tags: 
Palm Beach Trophy Sale

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