One Towers Road, Toorak sells, but falls short of record

One Towers Road, Toorak, owned by former JPMorgan Australia chairman Brian Watson, has been finally sold.

It was listed in October 2011 with $26 million record-setting expectations, then relisted last November with reportedly upwardly revised $30 million hopes.

Property Observer gathers the Victorian price record remains intact with the 2010 Portsea clifftop sale of Ilyuka for $26 million.

And the sale of the Georgian-style mansion on Towers Road, Toorak also fell short of the previous Melbourne record of $24 million. Property Observer gleans its sold for around $21 million, a very healthy result.

The $24 million Toorak record was set in 2010 when soft-drink magnate Harry Stamoulis bought his Toorak property.

One Towers Road, Toorak, last traded when Brian Watson secured the 3,900 square metre property in July 2001.

It was the notorious sale that left Amanda Elliott, tycoon John Elliott's then wife, seemingly a little shell-shocked as to her continued occupancy of the 115-square manor. 

"It was apparently something I wasn't involved in," she told reporters after word of the sale had been reported by then Age property writer Antony Catalano in the morning paper. Elliott bought the home in 1989 for the then record price of $7.25 million.

Its Kay and Burton listing agent Michael Gibson has been tight-lipped on the details of the latest sale reportedly to a Melbourne local.

A sold notice went up on realestate.com.au some 10 days before its initial Fairfax Media report which originated from bullish Sydney, hence the some what naive suggestion of a $25 million sale which has since been repeated by the Australian Financial Review. By week's end Fairfax Media were describing their revised $21.5 million sale estimate as a "bargain" price.

Michael Gibson did however advise that Kay & Burton has had "nine sales in the past 10 weeks ranging between $8 million and $20 million."

The Watson family bought the six bedroom Toorak property in 2001 for $11.1 million, a then record-setting price from businessman John Elliott.

The price the empty-nester Watson family had only recently returned to Melbourne after living for more than 12 years in New York where he headed investment house JP Morgan's equity capital markets group.

The highest known sale in Toorak this year was about $16.65 million when property developer and architect Gabor Hubay and wife Roni sold their sprawling 3 Macquarie Road estate after it was listed last November. The Hubay-designed five bedroom, seven bathroom house with a theatre, a gym and a seven-car basement garage, sits on a 2100-square-metre property.

It was listed by Michael Gibson and Ross Savas of Kay & Burton.

Last October the investment fund manager Ron Dewhurst sold 7 Landale Road for about $17 million, which was the reported highest sale of 2012, and the only Toorak house to sell for more than $15 million since the 2010 boom. 

Dewhurst , who now lives in New York, purchased the Georgian home in 2003 from former television personality Steve Vizard for $6.4 million. It was bought in the recent sale by the chief executive of the pharmaceuticals supplier Ascent Pharmahealth, Dennis Bastas.

Other sales this year include the reputed $15 million sale of Hong Kong-based expat Malcolm Dumenil's custom-built three-storey mansion at 59 Hopetoun Road (pictured below).

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It was marketed as a blend of the Roman, French and Art Nouveau styles through Jeremy Fox at RT Edgar. Dumenil, chief executive at the Hong Kong-based conglomerate Chiaphua, bought the property for about $2.2 million in 2001.

It came with five bedrooms, a cinema with a bar, two kitchens, plus five-car basement garage, gym and steam room.

Other recent prestige sale include 59 St Georges Road which did not get as far as an expressions of interest. It came with pool and court. It was sold by Paula Crouch, the wife of the former NAB executive Ian Crouch who had $11 million plus hopes for the Neo-Georgian mansion.

"You wouldn’t have expected that six months ago," said Koren and Morell buyer advocates noted on its speedy sale.

It was last traded in 2002 when bought from wealthy property developer Sam Tarascio for $6.75 million.

Ian and Paula Crouch head the international consultancy firm, Reveal Group.

Another Toorak mansion on Clendon Road, which belonged to the Rowsthorn transport family, sold for $11.5 million in quick time in April through Kay & Burton. 

The large six-bedroom home (pictured below) of Mary Rowsthorn at 35 Clendon Road sold just a week after it was advertised.

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It had been renovated by designer Michael Munckton after the Rowsthorn's purchased it in 2002 from Ken and Gail Roche for $5.2 million. Its interiors were undertaken by Christopher Thomas from Thomas and Alexander interiors.

The 1,842-square-metre property boasts manicured gardens, an outdoor pool and tennis court and an outdoor dining space.

The property faces west so upstairs boasts views to the city.

“It has been the most amazing family home for the four children, but it's time for me to move onto the next adventure,” Rowsthorn says.

The property was listed by Andrew Baines and Michael Gibson from Kay and Burton.

Sales have so far alluded Peter Devitt, owner of the L. U. Simon building business, who listed his Toorak mansion by private sale last November with $20 million plus hopes complete with Kay & Burton film presentation.

Devitt's 16 St Georges Road house sits on 4257 square metres. Mr Devitt and his wife, Joanne, paid $4.4 million in 1997. 

The Toorak mansion of the event promoter Andrew McManus was under recent offer, but has yet to sell.

It didn't sell at its 2011 and 2012 marketing campaigns.

The Myoora Road house (pictured below) last sold in 2008 mid-construction for $8.75 million.

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It was listed this time through Paul Pfeiffer and Jeremy Fox at RT Edgar Toorak who had noted buyer interest around $11 million.

The house, with a 12-car garage, had been initially commissioned for construction in 2007 by David Fox, the youngest son of trucking magnate Lindsay Fox, who sold before the property was completed.

There’s also a study, gym, home theatre, billiards room and cabana and pool on its 1,389-square-metre block. The RP Data median house price in Toorak is $2,687,500.