Palm Beach ends 2017 on a $12 million-plus high

The Palm Beach property market might be winding down for the year ahead of the holiday season but it didn’t stop the local trophy home Karala selling for more than $12 million, making it the highest sale in two years.

Records reveal the seven-bedroom residence was bought by Mosman local Silvana Marshall, wife of lawyer Richard Marshall, the former head of legal for mining giant Glencore Xstrata.

Karala is known as one of Palm Beach’s most expensive holiday rentals, regularly fetching $25,000 a week during the peak holiday season, and having hosted the likes of Elle Macpherson and media man Sam Chisholm in the past.

​Designed by architect Albert Hoggett, it was sold by hedge fund manager Adrian Vanderspuy and his wife Vanessa, owners of the Oldenburg Vineyard in South Africa.

The Vanderspuys listed it this year with a $12 million to $12.5 million guide with David Edwards, of LJ Hooker Palm Beach, given they were rarely returning to Sydney to use it.

Set on Pacific Road, the 1700-square-metre property overlooks the Packer family compound, which was transferred into Gretel Packer’s ownership  on New Year’s Eve at the close of 2015 for $24 million.

It remains unknown if the Marshalls plan to eventually make it their permanent residence given Karala remains on the holiday rental market this summer.

The Marshalls’ purchase comes as they put their Mosman waterfront home in Beauty Point up for sale.

Mark Manners, of Simeon Manners, is asking $11 million to $11.5 million for the Mosman home, which was built in 2008 and designed by architect Louise Nettleton by former owners Shane and Sally Oxenham.

• Related: Cottage in Palm Beach up for more than $7 million
• Related: Ex TV executive Ian Holmes lists his Palm Beach trophy
• Related: Pegasus landmark sold for $6.55 million – no car access 

Glebe landmark resold 

The historic Glebe landmark Oswestry has been sold for $7 million by Ausin Property chief executive Joe Zaja and his wife Sarina just seven months after they bought it.

Zaja bought the 1887-built mansion on Glebe Point Road for $6.25 million in February, and has recouped his purchase price plus the almost $374,000 in stamp duty.

Records show the off-market purchase, negotiated by SydneySlice’s Deborah West on behalf of Phil Towzell, co-founder of the New York-based hedge fund Queenscliff Partners, is one of Glebe’s highest house sales.

The suburb record was set at $7.5 million last year when Sotheby’s Harriet France sold the 1837-built Regency villa Lyndhurst. 

Towzell sold his Paddington apartment last November for $4.2 million to Ermes De Zan, partner of the renowned late Australian painter Jeffrey Smart.