Billionaire Kerr Neilson flips modernist Castlecrag house for $8 million

Billionaire fund manager Kerr Neilson has cashed in on Sydney’s booming housing market, selling a modernist residence in Castlecrag for more than $2.4 million more than he paid for it just two years ago.

The co-founder of Platinum Asset Management outbid eight other registered buyers at what was a competitive auction in May 2019 to secure it for $5.3 million.

Earlier this month, interested parties were alerted to its return to the market through the same agent who sold it last time, Anthony Cowie of Ray White Lower North Shore, and sources say it sold for about $8 million.

The north-facing house on a waterfront reserve block of 1580 square metres was built in 1955 and designed by architect John Brindley as his family home and is recorded as the first permanent dwelling built on what was once the Yachtville Estate. It was sold in the mid-1960s to retired surgeon Frank Fisher and his wife, Penelope.

To this day, it retains much of its original finishes, from the stone-flagged forecourt, rough-hewn sandstone fireplace and glass sliding doors, prompting local architecture aficionados to hope Neilson might restore or at least retain the residence in its original condition even though there are no heritage orders to protect it.

Those hopes were dashed in March when Willoughby Council gave DA approval for the house to be demolished to make way for a contemporary residence designed by Chenchow Little Architects at a cost of more than $6.5 million.

The plans are for a three-level residence with an open-plan living area, separate drawing room, basement garaging, carer’s studio, internal lift, home office, three bedrooms, all with their own terrace and en suite, and a lap pool.

Melissa Mathers, who lodged an objection to the DA before council, said, “It’s such a shame that such a stunning old house will be knocked down.

“It is tired, there are cobwebs around and the garden is quite untidy, but my heart sunk to see the DA out the front.”

Mr Cowie said he would not comment on his client when asked about its recent resale. Settlement will confirm the exact sale price.

Neilson, who co-founded Platinum Asset Management 25 years ago, has been dubbed “Australia’s Warren Buffett” for his investment prowess and was ranked 73 on this year’s AFR Rich List 200 with an estimated wealth of $1.55 billion.