Bomera the Potts Point Italianate sandstone beauty sells

Bomera, the landmark Potts Point Italianate sandstone mansion, has been sold for $12.5 million.

Set on a 2150-square-metre holding overlooking Woolloomooloo Bay, the five-bedroom sandstone mansion was sold by former St Ives manufacturer-turned-expatriate property developer Jorge Fernandez and his wife, Monica.

On its initial listing two years ago, Bomera was listed with $25 million hopes following a meticulous 2003 restoration of the estate overseen by heritage architects Graham Brooks & Associates. Last April it was relisted with vastly reduced price expectations.

It was 2001 when historic Potts Point villas Bomera and Tarana were sold for about $6.55 million by the Australian defence department, which acquired the 3,700-square-metre holding as fleet headquarters for the Royal Australian Navy in 1941.

Bomera, built for the colonial merchant William McQuade, was originally on land that stretched from Wylde Street to Victoria Street along the harbour foreshore.

Built for McQuade in 1858, it was designed by J.F. Hilly. McQuade helped establish Randwick racecourse. For many years it was owned by the Australian defence department, given its proximity to Garden Island.

The Wylde Street property has been purchased by Leanne Catelan, daughter of Ray Catelan, the late entrepreneur behind real estate data company, RP Data.