Empty Toorak block for sale for $40 million after demolition of much-loved mansion

The empty site of a Toorak mansion controversially demolished in 2015 has been put up for sale for $40 million.

A sale at that price would more than double the money of vendor Xiaoyan “Kylie” Bao, who paid $18.58 million for St Georges Road landmark mansion Idylwilde in 2013, later tearing it down to much outrage from local residents.

In another twist, a caveat was placed this week on the property by corporate entity Abacus Calculators (W.A.) Pty Ltd.

It claims an interest as chargee, a structure commonly used to seek repayment of a debt.

The company and the caveator declined to comment.

The site on one of Melbourne’s most prestigious streets has been vacant for almost four years after the mansion was controversially demolished in the wake of a failed heritage protection bid.

The oversized block of more than 4000 square metres is now covered in grass and edged by temporary fencing.

Another significant sale for Toorak could be imminent if the home draws interest from well-heeled buyers.

The property is for sale off-market with an asking price of $40 million to $44 million through agency Kay & Burton, which declined to make any further comment.

The vendor is selling for personal reasons, Domain understands.

In 2017, the block next door at number 18 sold for $38 million despite fire damage to the house.

Melbourne’s house price record stands at $52.5 million for Stonington mansion in Malvern.

The empty site has been issued with a building permit for a single dwelling, Stonnington council confirmed.

“Council has no authority to prevent blocks sitting vacant, and cannot instruct an owner to develop the land,” interim chief executive officer Simon Thomas said on Friday.

Toorak residents were furious about the demolition four years ago.

The house was known as Idylwilde and marketed as a “home for the generations”, but Ms Bao applied for a permit to knock it down.

Council asked then-planning minister Matthew Guy for interim heritage controls, a request that was rejected.

At the time of its razing, distressed locals described the destruction as “absolutely tragic” and “just heartbreaking”, calling it “the most beautiful house I had ever seen” and worrying that apartments would be built in its place on the grand boulevard.

Toorak Village Residents Action Group president Eddie Young was dismayed about the empty block.

“No-one’s happy about the land sitting empty for such a long time, particularly as they just let it grow like an overgrown paddock,” Mr Young told Domain on Friday. “Clearly there’s been no interest in developing the land.”

He said locals would be happy to see a sale if it meant the property would be developed but hoped any new home would be in keeping with the neighbourhood’s character.

“I’m always worried about what is going to be put on that empty block of land. If we’ve got some sort of ugly three-storey maisonette-type dwelling that doesn’t really fit into the streetscape – not that one can’t build that sort of thing – I’d rather not see it,” he said.

“Members would be more worried about what might go on the block of land than we would be worried about the block of land sitting empty forever and a day.”