Potts Point's $15 million suburb record smashed twice in one week

Potts Point’s high-end apartment values have gone into hyperdrive with the $15 million suburb high of 2012 smashed twice in the past week.

A week after digital media boss Matthew Kapp listed his penthouse atop the Ercole Palazetti-designed building Villard, it has sold for $15.5 million.

It follows the recent $16 million sale of one of the Ikon penthouses owned by TV production company boss John Caldon to audio entrepreneur Peter Freedman, owner of RODE Microphones.

Despite bullish sales in the well-heeled downsizer neighbourhood in recent years, the suburb high remained unbeaten at $15 million for the past six years since billionaire Bob Ell sold his penthouse and an apartment below it in the nearby Pomeroy building to liquor industry baron John Piven-Large.

Jason Boon, of Richardson & Wrench Elizabeth Bay, had pinned $16 million hopes on the Kapp family’s penthouse when it was launched last week, and it sold before the official marketing campaign hit online property websites.

Kapp’s $15.5 millon sale price tops the Villard’s other high-end sale of last month of $12.5 million when legendary punter and racehorse owner Max Whitby sold the building’s sub-penthouse.

That result – also through Jason Boon – was almost double the $6.6 million Whitby paid for the three-bedder in 2012 when it was sold by retired car dealer Ray Harris and his wife Robyn.

Kapp, the chief and co-founder of Ozmota Ventures, had bought his whole-floor spread with private rooftop swimming pool and panoramic views to the east and west in 2000 for $4.69 million from Tim Higgins, of the Design Establishment furniture company.

While the Potts Point luxury apartment market has proved one of the most bullish in recent years, the suburb’s broader apartment values have not fared as well. The median apartment price fell 2.7 per cent to $790,000 in the past 12 months, according to Domain data.