Multi-million dollar "crown jewel of Balmoral" never intended to go to auction

Multi-million dollar "crown jewel of Balmoral" never intended to go to auction
Jennifer DukeDecember 7, 2020

The five-bedroom, five-bathroom mansion 'Glenmire', 17 Stanley Avenue Mosman, was advertised to go to auction at 6.30pm tonight, however the agent said the intention was never to have an auction. It's now currently under negotiation.

The circa 1889 Victorian Italianate sandstone villa was completely restored in 2008.

The landmark property is said to have once been used as ships as a navigational point on entering Sydney Harbour and is believed to be one of the first two properties built in the area.

It previously sold in 2007 for $10,500,000 prior to restoration, with current estimates of around the $15,000,000 mark. Century 21's Ivan Resnekov said that it's currently under negotiation with several interested parties and that the prices being discussed are "up there".

He also noted that they never intended to actually put the property to auction, telling Property Observer that it was just to let the public know they were definitely keen on selling.

He said that they were happy with the buyer interest, saying that the mansion had received some notoriety and that overseas buyers were also on the list of interest parties. The current negotiations started a "few days ago" and it seems unclear when they are to end.

With original features listed including 12-foot ceilings, decorative cornices, cedar joinery and leadlight windows, as well as five marble fireplaces and mosaic tiles to the entry and mid-level balconies, the photographs set it off perfectly.

With views of Balmoral and Sydney Heads, it also includes all the little extras a top end purchaser would presumanly hope for. This includes Aquatherm under floor heating in level one, heated towel rails in all the bathroom, a heated pool, fountains, ultra lift TV systems, a sound system and, of course, a decent security system.

It also has a four-car stacker lock up garage.

The mansion was previously known as 'Merriwa' and was noted to have been built by goldfields tycoon Edward Stanley.

Property Observer awaits the final sales result.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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