Ron Medich seeks $40 million plus for harbourfront Point Piper home

Ron Medich seeks $40 million plus for harbourfront Point Piper home
Ron Medich seeks $40 million plus for harbourfront Point Piper home

The Point Piper home of Ron Medich and his wife, Odetta, has been listed officially for sale.

The harbourfront property had previously been quietly listed for sale, having never been publicly marketed in print or internet.

It’s been listed through Bill Malouf at LJ Hooker Double Bay, in conjunction with Ken Jacobs at Christies Great Estates and price expectations are $40 million plus. This has been revised from February 2011's reported $55 million hopes.

The Australian architectural studio Katon Redgen Mathieson completed the Point Piper project in 2009 for Medich, who made a fortune with his brother developing industrial sites in Sydney’s west.

His estranged wife, Odetta, has been one of the country's most generous patrons of the arts.

Before his arrest in October over the 2009 murder of his business associate Michael McGurk, Ron Medich was living in splendour in the white house with point-blank images of the Opera House and Harbour Bridge.

Still on bail and wearing an electronic bracelet that monitors his movements, Medich's last known address was a two-storey, 128-square-metre apartment in a city high rise overlooking St Andrews Cathedral.

With his wife spending most of her time in Europe, the couple's Wolseley Road home was quietly listed for sale in February last year.

The David Katon-designed house replaced the house bought from the restaurateur Wolfie Pizem in 2003 for $15.1 million.

Pizem had bought the 780-square-metre property for $160,000 in 1978.

Agents had estimated the Medich home was worth close to $40 million in February 2011.

At the time one agent quipped that the Medichs' art collection was worth far more than the house. The artworks include poolside Tasmanian tiger sculptures by Caroline Rothwell. The internal walls of the four-storey house come with extensive artworks of mostly photographic works.

Despite all the ructions, there's been no alterations or caveats on the official title for the past three years.

The murder case against property tycoon Ron Medich was adjourned on May 8 as prosecutors wait to see if the NSW Attorney-General grants immunity to any of his co-accused.

Medich, 62, has been charged with the September 2009 murder of businessman Michael McGurk, who was killed by a single gunshot outside his Cremorne home on Sydney's lower north shore.

Medich, Lucky Gattellari, Senad Kaminic, Christopher Estephan and Haissam Safetli have been charged over the murder.

At Central Local Court the prosecution told Magistrate Julie Huber it was still waiting for Attorney-General Greg Smith to rule on whether one of the defendants could be indemnified against prosecution in exchange for his evidence.

The man was not named in court.

Medich was not present in court for the mention with Magistrate Huber standing the matter over until June 19.

 



Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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