Fund manager Will Vicars the mystery buyer of $11.6 million block of apartments in Bondi

Wealthy fund manager Will Vicars blew his high-end competition away at auction this week when he bought a block of eight apartments in Bondi for $11.6 million.

The bullish purchase price – more than $2.3 million over the reserve – prompted industry speculation over the mystery buyer’s identity after agent Ric Serrao said only that the buyer planned to keep the block for the personal use of his family.

Vicars was not in the packed auction room on Monday night, instead making bids over the phone through his builder John Alvarez, but bigwig property investors David Gyngell, Vaughan Blank and property developer Ed Litver were all in attendance.

An opening bid of $9 million was fairly close to the reserve, and the price was quickly pushed up well above that by three parties.

The underbidder had reportedly hoped to demolish the art deco block to build a trophy home on the Fletcher Street site.

It was sold by Ric Serrao, of Raine & Horne Double Bay, and Michael Pallier, of Sotheby’s International, neither of whom would comment for this story.

Vicars is co-chief investment officer at boutique fund manager Caledonia Investments and a relative by marriage to former prime minister John Howard. He lives in a beachfront mansion in Point Piper.

Vicars made headlines in 2013 when he paid $20.95 million for two penthouses in the Bondi Pacific development to be amalgamated as one super-spread. The purchase set a record at that time, although it has since been topped by the $27 million penthouse sale at the Opera Residences at Circular Quay.

Vicars has splashed another $11 million for another of the exclusive penthouses in the luxury Pacific development, which with two smaller apartments in the building for his children takes his spend in the building to $34,585,000.

Vicars’ purchase of the block bears similarities to the North Bondi art deco block of 10 apartments that was sold in 2011 for $14 million to Caledonia Investments’ former chairman Michael Darling and his wife Manuela Darling-Gansser, who have redeveloped the block into their private residence with space for their children’s families, and designed by their son-in-law architect Nick Tobias.