Lalor House, Richmond under contract after $5 million plus offering

One of Melbourne's most iconic trophy homes, Lalor House is under contract having been listed with $5 million plus hopes.

It's being sold to a local family for $5.55 million after 10 offers were lodged.

The house, on the market for the first time in five decades, was built in 1888 for Joseph Lalor, the doctor son of Eureka Stockade rebellion leader and politician Peter Lalor, who died in the house a year later.

Designed by American architect William George Woolf, 293 Church Street has a classical Italiante facade and Jellis Craig Richmond agent Andrew Macmillan thinks it could be a private hotel, office or art gallery.

Set on 1135 sqm, the five bedroom brick mansion has been home of the Morton's and was used as a medical practice up until 1973.

Expressions of interest closed March 22 with Jellis Craig Richmond saying it would set a new price benchmark for the suburb. 

The current record of $5.13 million is held by Araluen, a five-bedroom 1856 mansion at 207 Lennox Street, which sold in 2015.