Melbourne prestige market kicks off with Toorak mansion snapped up for about $16 million

January 25, 2019
This mansion at 7 Yar Orrong Road looks set to change hands for about $16 million. Photo: Supplied

Melbourne’s prestige property market has kicked off the new year with a luxurious Toorak home set to trade for about $16 million.

Evelynne Gance, married to Rich Lister and Chemist Warehouse co-founder Jack Gance, slapped a caveat on the residence at 7 Yar Orrong Road.

The four-bedroom home with pool, spa and tennis court is currently owned by Emily Hamilton, public records show.

The agent on the deal was Kay & Burton joint managing director Ross Savas, who declined to comment when contacted by Domain.

7 Yar Orrong Road, Toorak is set to change hands. Photo: Supplied

The property last traded in 2016 when it fetched $14.5 million.

It was most recently listed for sale with price expectations of $15 million to $16 million.

Jack Gance is the co-founder, along with Mario Verrochi, of the Chemist Warehouse and My Chemist chains. Mr Gance’s estimated wealth was $546 million on the most recent Financial Review Rich List.

Although the broader housing market has weakened amid a clampdown on bank lending, the very top end has been less affected as many wealthy buyers are able to purchase homes without a mortgage.

Evelynne Gance currently owns a residence in Irving Road in Toorak, public records show.

The home in nearby Yar Orrong Road is on a large block of about 2110 square metres, close to private schools and the Kooyong Lawn Tennis Club.

The kitchen features high-end appliances. Photo: Supplied

It boasts four bedrooms, four bathrooms and a double garage, with formal lounge and dining rooms that open to the gardens.

The Calacatta marble kitchen features Gaggenau and Miele appliances and a butler’s pantry with wine store. There are also French oak floors, ducted gas heating, reverse-cycle cooling and an automated sprinkler system.

The exclusive suburb has seen price records tumble in recent years, after tech rich-lister Ruslan Kogan paid some $38.8 million for a Toorak base and mystery buyer Qi Yang bought a house on an expansive block in the same suburb for $38 million.

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