Smorgons set date to offload Toorak trophy

Could this home set the year’s record price?

The on-again-off-again campaign to sell Norman and Tania Smorgon’s extravagant Toorak estate is on again – but this time the couple has set a date to seal a deal.

In what could be Victoria’s only sale of more than $20 million this year, 750 Orrong Road has been relisted exclusively with Marshall White via an Expressions of Interest campaign.

The home was unsuccessfully offered by another agency 13 months ago. Earlier this year the listing became open, with all agents invited to find a buyer. Last month speculation was rife a deal was near following an offer of about $20.5 million.

But, according to the new selling agents Marcus Chiminello and Richard Mackinnon, there have been several offers of more than $20 million – hence the EOI campaign closing on December 10.

Mr Chiminello said the EOI will finalise the sale with an effective end date for all offers to be considered.

For the price, buyers get one of Toorak’s most memorable landholdings and lifestyle opportunities – a 5500-square-metre site with a tennis court, pool and several established gardens.

The 1920s mansion includes six bedrooms, seven bathrooms, a library, cellar, sauna and marble kitchen.  A separate pavilion designed by Allan Powell adds a gymnasium, cinema, games room, lounge and terrace.

The Smorgon’s paid $3.1 million for 750 Orrong Road in 1995 before undertaking a major renovation. With their children now grown up, the couple plan to move to a new waterfront house in Mornington, near Mrs Smorgon’s parents.

She had previously told Domain they would buy a smaller base around the South Yarra area following the sea change.

Norman Smorgon manages business, investment and philanthropy initiatives for the family company, Escor Group.

The highest price paid for a Victorian home this year was in May when Avon Court at 18-20 Shakespeare Grove, Hawthorn, sold for $19.8 million. In recent months, a dramatic near-new mansion at 3 Towers Road, Toorak settled for $18.6 million while, outside Melbourne, a waterfront Sorrento home on Point Nepean Road exchanged for $19 million.

Portsea’s Ilyuka is Victoria’s highest recorded sale after trading for $26 million in late 2010.

Email: marcpallisco@gmail.com
Twitter: @marcpallisco