A waterfront with one of Australia’s most sought-after views sold for a massive price, almost three times what the owner bought it for.
Rose Bay is in turmoil after another big waterfront sale, this time for $ 34 million. And the price is almost three times what the owner bought it for.
Real estate developer Paul Smith and his wife Hilarie purchased their four-bedroom, five-bathroom residence with four-car garage at 20A avenue Tivoli for $ 12 million in 2010.
The talk in real estate circles this week is that it is now being sold for $ 34 million through Double Bay agent Paul Rich, with no improvements having been made.
When contacted, Rich said, “I am not authorized to release details, based on confidentiality agreements,” although reliable sources said the information was accurate.
The deal follows veteran stock broker Brent Potts’ beachfront sale, Villa Florida, to 12 Tivoli Ave last week after more than a year in the market.
This seven bedroom, nine bathroom Michael Sartor designed residence with swimming pool and iconic views was set on a 1290 mÂ² block.
This property had a price guide of $ 45 million, but BlackDiamondz’s Monika Tu refuses to discuss the sale price. Sources speculated that it sold in a price range of $ 40 million to $ 45 million.
Had it surpassed $ 45 million, it would have been the most expensive house price of the year in Sydney and Australia, beating Rosemont in Woollahra who sold for $ 45 million the week before.
This purchase was made by an âinternational buyerâ residing in Sydney.
No word yet on the new owner of the Smith Residence at 20A Tivoli, which is on a 720 mÂ² block.
It is one of the two residences redeveloped together in 2008.
The house next door, 20B Tivoli, sold for over $ 23.5 million in 2019, when property baron Stephen Burcher and his wife, Melissa, were sold to the business lawyer prominent Amanda Banton.
It was a five-bedroom, five-bathroom residence – redesigned by Bruce Stafford and Hare + Klein – on a 675mÂ² block with a five-car garage sold through Ben Collier of The Agency.