A $35m sale by 'breast master' Michael Miroshnik comes as relief to Sydney trophy market

Five years after high-profile plastic surgeon Michael Miroshnik bought his Vaucluse property for $7.1 million, he has rebuilt it into a far more glamorous residence and resold it for more than $35 million.

Interests lodged on title reveal the big-ticket buyer is Sunny Ngai, the son of the late toilet paper king Henry Ngai.

It is the second trophy sale recorded this week, marking a distinct end to this year’s dire run of top-end sales in the rarefied $20 million-plus range – which was, until now, the worst year since 2012 for trophy sales.

Dr Miroshnik’s exact sale price result remains unknown but industry sources say the self-professed “breast master” was widely seeking a bullish $35 million-plus through a handful of agents, and it sold for well above that level.

Mr Ngai’s purchase of the three-level residence designed by Bondi Beach-based architecture firm Kaintoch Design Studio comes a year after his father died and at a time the family are reportedly canvassing selling the tissue products company.

Mr Ngai snr moved to Australia from Hong Kong in the mid-1980s on the business migration program, and started the ABC Tissue Products company soon after, growing the company’s flagship Quilton brand into one of the country’s leading tissue brands.

Among Mr Ngai’s other property interests are a riverfront house at Breakfast Point, bought by the family in 2012 for almost $4 million, and a four-bedroom apartment in The Bondi at Bondi Beach bought in 2015 for $4.9 million.

Mr Ngai’s purchase comes just days after Westpac board member Steve Harker sold his Point Piper waterfront mansion for about $40 million to interests linked to childcare owner and entrepreneur Gabriel Jakob.

Prestige agents are hoping the Harker sale – by Bill Malouf, of LJ Hooker Double Bay, and Ken Jacobs, of Christie’s International – will be the circuit-breaker needed to end buyer and vendor uncertainty in the high-end market.

There have been only four other trophy sales of more than $20 million this year in Sydney, the next highest for $23.56 million on the Rose Bay waterfront when corporate lawyer Amanda Banton bought the home of property mogul Stephen Burcher.

Mr Harker, who was chief of investment bank Morgan Stanley until he retired in February, bought the waterfront residence in 1993 for $2.01 million.

He and his wife, Linda Heighway, bought a South Coast beachfront weekender at Culburra Beach for $2.5 million in June, and a printing warehouse in West Gosford in July for $5.6 million.