Heidelberg's heritage trophy home, Banyule sells for $5.2 million

The Gothic Revival Banyule at Heidelberg has been sold for $5.2 million, having failed to sell last year when listed with a $5.5 million asking price.

The heritage-protected 1840s homestead - one of the oldest remaining residences in Victoria - once sat on a 266 hectare holding. 

The eight bedroom, four bathroom mansion had been listed by Prue Jones at RT Edgar who expected $5 million plus.

The Buckingham Drive homestead now on a 9,085 square metre holding was designed by architect John Gill for the English-born pioneer Joseph Hawdon in 1846 whose family retained the home until the 1860s.

The Gothic style was unusual for Melbourne, but more popular in Sydney.

Built before the discovery of gold, there are a handful of other buildings in Melbourne of this age, but many were originally small cottages that were extended later to become large homes.

In 1974 Banyule Homestead was purchased from the Simpson family for a below valuation $190,000 price by the Hamer state government, then opened as an annex by the National Gallery of Victoria.

The homestead was sold by the Kennett state government in 1995 for $815,000 to the current vendors.