Entrepreneur Jeremy Cutts buys on Portsea clifftop

The pharmaceutical entrepreneur Jeremy Cutts and wife Robin have bought on the Portsea clifftop.

The property was offered for the first time in 35 years having last sold in 1982 to the Lansell family for $400,000.  

The large eight bedroom family home near the tip of Point Nepean Road overlooks the bay from its elevated 1685 sqm holding.

There's a mod-grass tennis court and boat mooring.

The South Yarra based couple already own in Portsea, inland some two kilometres away from their new purchase.

The cocktail party tattle on the acquisition has been growing louder ever since Abercromby's agent Tim Derham sold the home 10 days before Christmas. 

Last September Cutts oversaw the $90 million sale of Australian Pharmaceutical Manufacturers, which he established APM in 2002. 

Cutts joins former Swisse Vitamins owner Stephen Ring on the peninsula since he paid $7.58 million last year after the company sold for $1.67 billion.

The reputed $10 million plus Cutts purchase bettered the priciest sale at Sydney's Palm Beach over summer. It was when restaurant entrepreneur John Szangolies bought in Sydney's comparable location, Iluka Road for $9.2 million.

Szangolies pocketed nearly $200 million in 2015 when he sold his Urban Purveyor Property Group private equity group Quadrant.

This article first appeared in the Weekend Australian's Mansion Australia section.