'House built for billionaires' could set a price record in Mosman

Mosman is widely regarded as one of Sydney’s most prestigious suburbs, and yet for all its established families, waterfront mansions and billionaire residents its record high house price still lags far behind those eastern suburbs directly across the harbour. 

Take Point Piper’s $61.8 million high set by Altona last year and Vaucluse’s $70 million record of 2015 for the Packers’ La Mer mansion. Even non-waterfront Bellevue Hill scored $30.8 million in 2015 and Double Bay a $38 million sale the same year, and in 2013 Rose Bay claimed a $33 million high – all of which trump Mosman’s all-time high house sale of $22.5 million.

And that sale of a decade ago was then brought undone when the same mansion sold for $19 million half-renovated in 2011 to Ros Oatley, of the Oatley viticulture family, who used it to increase the garden space surrounding her mansion next door.

That leaves the Beauty Point estate of little known Chinese buyer Ying Li set at $20 million in 2012 still standing.

“There’s one simple reason why Mosman is lagging so far in the trophy stakes and that’s because the properties that are worth $40 million and $50 million are never for sale,” said Raine & Horne Mosman’s Brendan Warner, who secured that $22.5 million sale to Oatley.

“I’ve had offers of well in excess of $50 million for one property in Mosman in particular and the owner wouldn’t accept it because they don’t want to move. And there are other properties in Mosman that should sell for $40 million and $50 million, but the owners won’t budge.”

Warner won’t disclose the property that drew the $50 million offer, but local agents are familiar with some of Mosman’s standout trophy homes. 

Ros Oatley paid $15.5 million for her waterfront Balmoral home Rivendell, adding the property next door to create a 3500 square-metre estate with boat facilities on dress circle Hopetoun Avenue.

Down the road food importer Roy Manassen and his wife Cindy have one of the largest private holdings of 4770 square metres in the Wyargine Point golden triangle that reportedly was the subject of a $50 million-plus offer in 2007.

“The fact is there are not many of these kinds of trophy properties in money and they’re owned by these old-money, well-established families that don’t sell them,” Warner said.

Geoff Smith, of LJ Hooker Mosman, said the lack of high-end stock has held back Mosman’s market to such a degree that the area is now very good value compared with the eastern suburbs.

“There’s a lot more wealth over there and a larger pool of those sorts of houses for buyers to trade up to and downsize, whereas over here [in Mosman] if you plan to trade up there’s nothing to buy and people won’t downsize because there’s nothing to buy,” Smith said.

Now, however, Smith and Sandie Dunn, of Province, are selling what is set to become Mosman’s most expensive residence, Hopetoun, a 2400 square-metre waterfront property with an asking price of $30 million.

“When we first listed that [in 2014] it had a $40 million asking price, but now it’s on offer for $30 million and that’s representing real value in this market,” Smith said.

Then there’s the unsuspecting three-level house on Balmoral slopes that has just hit the market with a $20 million listing price that could also see it take out the suburb’s top result.

It isn’t the 643 square metres that will lure buyers, though.

“This is a house built for billionaires, and by far the best fit-out internally of any house I’ve seen,” said Warner, who is selling it. “It’s like a three-level penthouse with these harbour views.”

The Coronation Avenue property is the creation of Cameron MacDonald, a London-based creator of luxury homes with turn-key offerings in Knightsbridge, Mayfair and now Balmoral. 

The turn-key nature of it means everything is included, from the high-end finishes, seamless joinery and design by architect Harlan Redgen, bespoke furniture and a curated art collection.