Mark Nelson buys into Spring Street, Melbourne tower of power

The executive chairman of the Sydney-based Caledonia Investments, Mark Nelson, and his wife, Louise have bought into Melbourne's most revered tower of power.

They have spent $2.41 million to buy into 99 Spring Street through Kay & Burton.

It last sold at $755,000 in 1994 when the Frenkel family bought very well given the 24th floor apartment had fetched $1.22 million five years prior.

The Nelsons have owned on Seven Shillings Beach, Point Piper since 2010 when they bought from Nigel Butler, heir to the Butler and Norman bottle merchants fortune, for $17.3 million through McGrath.

They'd previously had a two-year lease over the nearby, as yet unsold, Fairfax family residence, Elaine. 

The Nelsons took over the Elaine lease from Cameron O'Reilly, the former mini-media industry player who has just listed his redundant Top of the Town, Darlinghurst, penthouse through Alison Coopes. 

Overlooking the Sydney CBD, the penthouse was last traded in 2007 when bought from the Sutton car dealership family.

O'Reilly, the son of media magnate Tony O'Reilly, faces likely competition from MONA founder, David Walsh's Horizon penthouse offering.

This article was first published in the Weekend Australian Mansion Australia property section.