Heather Ridout sells in Mosman

Economist Heather Ridout, who sits on the board of the Reserve Bank of Australia, and her lawyer husband Peter, have finally sold having reduced their sale price expectations for their Mosman home.

The Little Street house came with $7.75 million to $8.5 million hopes through LJ Hooker Lower North Shore agents Bernard Ryan and Geoff Smith.

Set in vast 1,220 sqm gardens, the five bedroom home was initially listed with $9 million hopes in January this year.

The family Federation with revived interiors from Espie-Dods has a number of stately formal rooms that open to a traditional terrace through French doors.

A lower level billiard rooms spills out to the level lawn, courtyard and in-ground swimming pool.

The gourmet marble kitchen and informal living spaces reside under a soaring cathedral ceiling.

The couple are keen to downsize given their children have long left the nest.

Records show they bought the home for $1,025,000 back in 1984, having sold their Clifton Gardens home for $875,000 the same year. 

In 1988 they paid $210,000 for a Pearl Beach weekender, just before the 1990 recession hit. They offloaded the home for $205,000 four years later.

Heather has been a member on the Reserve Bank Board since 2012 and her present term will end February next year.

She spent most of her career as chief executive of the Australian Industry Group.

Ridout was dubbed the 21st member of Cabinet during the leadership of former prime minister Kevin Rudd.

This article was first published in the Saturday Daily Telegraph.