Australian expat splashes $20 million Toorak mansion advertised for $14 million

An Australian family presently living overseas has paid almost $20 million for a “spectacular” new five-bedroom Toorak home.

The sale of the four-level house on a 790-square-metre block at 2 Myvore Court was concluded on Tuesday at an invitation-only private auction held at the Armadale offices of Abercromby’s Real Estate.

It was one of two big ticket sales in the past week for the exclusive Toorak cul-de-sac, near the corner of Toorak and Glenferrie roads. On Thursday evening, the vendors of a neighbouring 1980s-style house with a tennis court at 3 Myvore Court accepted an offer above $8 million for their home. The property had been scheduled to go to auction this weekend through Kay & Burton.

The just-completed home at 2 Myvore Court had extensive smart technology, an 18-seat cinema and an infinity pool with a lift providing access to its four levels. It provided 100 square metres of living and entertaining areas, plus a six-car basement garage.

A real estate adviser close to the sale, who asked not to named, said the property sold for a very strong price. “It sold for between $18 million and $20 million and the final figure was a lot closer to $20 million than $18 million,” he said.

Abercromby’s director Jock Langley confirmed the property had sold to an Australian expatriate family for an undisclosed sum well ahead of the vendor’s reserve.

“It sold for well above expectations,” he said. “It is a spectacular property and it got a spectacular result.

“We quoted $13 million to $14.3 million. It certainly met the vendor’s reserve and went beyond.”

Offers for the property were received from multiple parties, including several Australian executives currently based overseas.

“For expatriate people coming back to Australia with foreign currency, there is a 25 per cent discount if you buy with US dollars,” Mr Langley noted.

“This property represents good buying if you are coming here from overseas.

“I think it is the best house to hit the market in Toorak this year and it has been rewarded accordingly.”

Meanwhile, Kay & Burton’s Andrew Sahhar said the ’80s house at 3 Myvore Court had sold for well in excess of the $7.5 million to $8 million indicative selling price provided to prospective buyers.

“Someone put in an offer that was well ahead of the vendors’ reserve and they decided to take it,” he said.

The property sits on 1324 square metres of land.