Property is king for Shark Tank's Andrew Banks as he sinks $6m into Double Bay house

Shark Tank judge Andrew Banks has based his television career on his ability to suss out a lucrative business idea but when it comes to his own money, it seems property is king.

As investors are reported in ever-diminishing numbers in the Sydney property market, the entrepreneur and his wife Andrea have splashed $6.065 million on a Victorian terrace in Double Bay.

The couple are no strangers to high-end real estate. In 2010 they made headlines for selling their Point Piper mansion Villa Veneto for a reported $52 million, and last year they returned to the suburb buying a 1930s house for $21 million.

Banks, who co-founded recruitment giant Morgan & Banks in the mid-1980s, bought the grand Double Bay residence from another recruitment boss Joel Barbuto, of Gough Recruitment.

Barbuto did well from his ownership of the property, having purchased it two years ago for $4.425 million, paying  well above the $4 million reserve at the time.

The Cross Street property with the nine-metre frontage has been renovated since, with a north-facing landscaped rear courtyard, restored hardwood floors, Poliform kitchen with stainless steel benchtops and restored marble fireplaces.

Ballard’s Clint Ballard had a guide of $5.5 million to $6 million when it was listed in June.

The Banks family have been based in Los Angeles in recent years, having bought a Beverly Hills mansion in 2010 for $US9.18 million. After a major renovation that property was sold in late 2016 for $US15,995,000.