Toorak mansion resold at $16 million to the $19 million underbidders

A Toorak mansion sold at auction two months ago for $19.1 million has resold to the underbidder at a reported $16 million after the original buyer failed to pay their deposit.

Businessman Craig Harwood and his wife Natalie, underbidders at the late May private auction, bought the newly built home from the developer Chris Holland.

Orna Ida, the wife of expatriate businessman Yoav Ida, lifted a caveat she had placed on the five bedroom property after the Abercromby's auction, records show.

The Australian Financial Review noted Ms Ida did not complete the purchase, or even pay the deposit, but by putting a caveat on the property she was able to delay the owner from selling

The May sale was nearly $5 million above the quoted pre-auction price range.

Harwood last year sold his security company Securecorp Australia and associated properties to Shanghai-listed China Security & Fire for a reported $157.5 million.