Historic residence Glasslyn scores place among Mosman's most expensive houses

The Mosman historic Federation residence Glasslyn has sold for more than $16 million, making it both the second highest sale this year and scoring a place among the suburb’s most expensive houses.

The non-waterfront home of Nanuk Asset Management director Paul Chadwick and his wife Giselle had been on the market since this time last year, initially with hopes of between $16 million to $17.5 million, and more recently with a $16 million bottom line with McGrath’s Michael Coombs, who sold it.

Coombs was unable to reveal the sale price given confidentiality orders, but confirmed it sold to a local family. Settlement will reveal the exact sale price.

“All my top sales have been to locals or expat buyers in recent months,” said Coombs.

“This time last year 40 per cent of my sales of $10 million or more were to foreign buyers, but now it’s 100 per cent local and expat buyers.

“China is making it too difficult for buyers to get their money out of the country, the banks are making lending too prohibitive,” said Coombs.

“Our new, higher stamp duty charges on these sales mean many foreigners are buying elsewhere because if they are only going to be here a few months a year it’s not worth their money to buy.”

The state government doubled its foreign investors stamp duty surcharge in July to 8 per cent in a bid to make housing more affordable for locals.

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Glasslyn is a heritage-listed residence that was built in 1906 and designed by notable Federation-era architectural firm Spain and Cosh for merchant and banker George Porter. Set on more than 2000 square metres, it last traded for $11 million in 2006 when sold by pay TV executive Richard Hutchinson.

Mosman’s record high was set earlier this year for the Beauty Point waterfront estate sold by Ying Li, from China, for $22.45 million to Bryan Rose, joint managing director of property developer Rose Group.

The highest house sale in Mosman was previously recorded at $22.5 million in 2007 when developer Albert Bertini bought on Hopetoun Avenue, but that property was resold half-renovated in 2011 to neighbour Ros Oatley for $19 million, making it the suburb’s second highest standing house sale.

Mosman’s non-waterfront record is held by Mandolong House, which was bought by venture capitalist Markus Kahlbetzer in 2012 for $18 million.

Childcare mogul Brendan McAssey bought the Alex Popov-designed house next door at Balmoral slopes last year for $17.3 million.