Toorak mansion secretly sells for Melbourne 2015 record house price

A trophy home hunter has splashed about $20 million on a Toorak mansion – believed to be the largest sum paid for a house in metropolitan Melbourne this year.

The Toorak village and property circles are abuzz that the Yar Orrong Road manor, in a prestigious pocket of Melbourne’s most elite suburb, has sold for a mega sum.

Marshall White director Marcus Chiminello is rumoured to have inked a confidential, off-market agreement.

Mr Chiminello confirmed a recent and significant sale within that price bracket, but declined to comment or confirm that it was for the Yar Orrong Road estate.

Little is known of the buyer, except that they are understood to be locals.

Yar Orrong Road is a short street between Toorak Road and blue ribbon Albany Road – a triple-A axis where some of Melbourne’s who’s who have homes.

Retail mogul John Gandel has long owned a mansion in Albany Road, and trucking tycoon Lindsay Fox lives at the Eulinya estate in nearby Irving Road.

Mansions in Yar Orrong Road are tightly held and typically classic 1930s or ’40s in style, with swimming pools and tennis courts, on up to 2000 square metres.

It is considered to be the plum pocket of Victoria’s wealthiest suburb.

A Beverly Hills-inspired estate at 6 8 Yar-Orrong Road sold privately for $6.5 million last December, through Kay & Burton’s Sarah Case, and was on the rental market for $3500 a week.

6-8 Yar Orrong Road, Toorak.

Another manor in the street traded several years ago for $6.35 million.

Much of Melbourne’s luxury real estate, typical of this part of Toorak, trades hands in secret, unlisted deals.

Discretion among wealthy buyers and sellers is a priority. Many sales go unreported and are never known.

Estates in Toorak are often held through generations are infrequently for sale.

Well-heeled buyers will signal their budget and intent with an agent and wait for their dream property to become available.

In off-market transactions, there is no public advertising, and the broader market is not ever aware the home is available – unless they are offered the right price.

Australia 108 penthouse. Photo: Supplied

The Melbourne price record is $25 million for the off-the-plan Australia 108 skyscraper penthouse, which sold to a China-based businessman in April.