Rose Bay trophy Villa Tivoli sold to entrepreneur John Szangolies

The buyer of racing identity "Melbourne Mick" Bartley's Rose Bay trophy, Villa Tivoli, has emerged as restaurant entrepreneur John Szangolies.

John and wife Heather snagged the harbourside estate in March for $16.85 million despite it being listed with more than $20 million hopes through Ray White's Ashley Biermann back in April 2015.

It was sold through Sotheby's International against Jaime Upton and Michael Pallier.

Set on 1258 sqm - one of the three largest frontages in Rose Bay, the circa 1902 home was offered for the first time in four decades.

Bartley paid $80,500 for the property in 1967.

The entire ground floor is glass-fronted and opens on to a deep, contemporary balcony. 

The five bedroom home includes a grand dining room, vast lounge and sitting room, sunroom, ground level home bar and a swimming pool. 

Szangolies pocketed almost $200 million with the sale of his company, Urban Purveyor Group, to private equity group Quadrant.

He's going to have to spend some more if reports are believed. It's suggested Villa Tivoli will be a knock-down-rebuild.

The family can make a profit from a new build judging by previous sales in the area.

Fund manager Alwyn Heong spent $18.2 million for the waterfront residence in front of Villa Tivoli in 2006, and after extensive renovation sold it last year for $27.08 million to barrister Georgina Black and her husband Graham Edwards, chief of UK property group Telereal Trillium.

The Szangolies family own a Vaucluse mansion they paid $8.75 million for in 2010.

They bought the six bedroom home from Alceon partner Morris Symonds.