Toorak sale collapses for former ANZ boss Mike Smith

Toorak sale collapses for former ANZ boss Mike Smith
Toorak sale collapses for former ANZ boss Mike Smith

Former ANZ boss Mike Smith has put his Toorak mansion back on the market after a Chinese buyer failed to complete a reported $15 million purchase.

Smith put the failure of his sale down to poor legal advice after its listing in February.

“It only ever got a verbal stage, not to a written stage that I was prepared to accept,” Smith told the Australian Financial Review.

“The sale fell through, which was fortuitous because the renovations we were doing on our [newly purchased] apartment have taken far longer than expected,” Smith said. 

“The house is back on the market.”

Smith bought the Hopetoun Road property from businessman John McMurrick for $9.65 million in 2008.

Designed by Wayne Gillespie, the home comes with five bedrooms, six bathrooms, a swimming pool and a tennis court.

The near miss comes after a number of big money sales to Chinese nationals in the glamorous suburb have fallen through in recent months.

A five bedroom home at 23 Montalto Avenue is back on the market after the contract was rescinded after the Chinese buyer couldn't get the $8 million into Australia.

The 1927 property is back for sale with original agents RT Edgar in conjunction now with Abercromby's.

A Whernside Avenue home in Toorak reputedly sold for $12.2 million earlier in the year, but with delayed settlements terms because the buyer was struggling to get the money out of China.

Marketing has continued with RT Edgar seeking $12.5 million offers. 

Toorak Mike Smith

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