The $40 million Toorak trophy home sale details emerge

The $40 million Toorak trophy home sale details emerge
The $40 million Toorak trophy home sale details emerge

A reputed record $40 million has been paid for a Toorak mansion by the mystery Chinese buyer, Qi Yang.

The grand 1920s home at 18 St Georges Road was bought from the Darling family in an off-market deal which has yet to settle.

Mowbray, a five-bedroom two-storey, stretches across around 5000 square metres includes a pool and tennis court with changing room and a self-contained guest wing.

A Stonnington Council report from 2014 states that the house was built by noted architect Christoper Cowper.

The house was not protected by heritage overlay.

The sale of the Mowbray estate exceeded the prior record of $26.25 million paid by Netflow managing director Phil Dreaver last year for the modern 9 Towers Road mansion owned by the Besen family.

Mowbray was sold by former Mirvac director Marina Darling and husband Anthony who acquired it from venture capitalist Roger Allen and his wife Dianne for $4.9 million in 1995, the highest sale in Melbourne of that year. It sold at $3.95 million in 1987.

The Australian speculated the buyer may be a Chinese citizen who may be subject to FIRB approval.

Though The Australian Financial Review advised Mr Qi had received Foreign Investment Review Board approval.

He will be be hit with a $5 million stamp duty bill, including a 7 per cent surcharge for foreign buyers in Victoria, which came into effect in July last year.

In addition, the Australian Tax Office has FIRB application fees of $412,000 applying for a $40 million home.

The buyer also faces the prospect of an annual land tax bill of about $370,000 if the Toorak mansion is not their principle place of residence and another $300,000 in annual taxes from January 1 next year when a proposed new annual vacant residential property kicks in for homes vacant for more than six months in a calendar year.

The sale was mooted in July.

Tags: 
Toorak Record Sale

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