Swans chairman smashes Mosman record with $25 million purchase

Investment banker and Sydney Swans chairman Andrew Pridham has smashed the Mosman and lower north shore records with his $25 million purchase of trophy home “Hopetoun”.

The sale marks the third time the suburb record has been reset since March 2017 and comes at the mid-point in what is already shaping up to be the best performing year for the suburb’s high-end property market.

The 2400-square-metre property is set to be an investment for Pridham, who is chief executive of investment bank Moelis Australia.   

“Hopetoun” was always going to be a contender for a place in the suburb’s record books given its size and waterfront position on the Hopetoun Avenue golden triangle, but its sale campaign had faltered since it was listed in 2014 given bullish hopes at the time of $40 million.

The sale price was recently revised to $25 million by Geoff Smith, of Ray White Mosman, and co-agent Sandie Dunn, of The Agency.

Sources close to the buyer confirmed that Pridham and his wife Carolyn exchanged to buy it for the asking price on Wednesday night.

The Pridhams are expected to remain living at their nearby residence in Clifton Gardens and instead weigh up a possible subdivision of the Hopetoun Avenue property given it sits on two titles.

The three-level residence was built by property developer Bob Rose, who sold it to businessman Wai Kong Lo in 1994 for $4.9 million. 

• Related: Mosman on track for record after ‘phenomenal’ first half of 2018
• Related: Ex Foxtel chief Richard Freudenstein sells for record $23 million
• Related: Bryan Rose buys Mosman’s most expensive house

Among some of the six-bedroom home’s standout features are the four formal and informal living areas, a billiard room, media room with a bar, separate guest quarters, nine bathrooms, internal lift, commercial-grade kitchen, cellar, championship tennis court with club house, heated swimming pool and spa, steam room, boat shed and a slipway.

Mosman’s house price record was previously set at $22.5 million by the trophy home next door when it was bought by property developer Albert Bertini in 2007, however the same property was resold half-renovated in 2011 for $19 million to its other neighbour Ros Oatley.

Early last year Mosman’s standing high was reset at $22.45 million when a Beauty Point waterfront estate was bought by Bob Rose’s son and fellow property developer boss Bryan Rose. 

That price was beaten again in February when selling agent Geoff Smith sold the Burran Avenue home (across the road from Hopetoun) owned by former Foxtel chief executive Richard Freudenstein and his wife Jane for $23 million.

Mosman’s ultra-prestige market recorded its strongest performing six months in the first half of this year, with 13 sales of more than $10 million totalling more than $169 million in real estate. This month there have already been another two double-digit sales, including the sale of the Lo family’s Hopetoun estate.