This article is from the Australian Property Journal archive
KING of Australia’s crypto market and youngest billionaire, Ed Craven, has purchased bankrupt former billionaire Nathan Tinkler’s Sapphire Beach compound for $16 million.
The property is a consolidation of three sites, known as Noorinya, and comprises two separate villas and a main residence with 15-bedrooms across the 1.8-metre absolute beachfront site.
The main residence that features a home cinema, gym, 25-metre pool and playground, originally conceived by former Microsoft executive Jaybe Ammons and his wife Shelley.
With Balinese-inspired design commissioned from architect Rosalie Stollery.
The couple purchased the site for $2.75 million before Tinkler purchased it in 2008 for $11.5 million.
James McCowan from Sotheby’s originally listed the property for $30 million last June, with the expansive home almost selling for $25 million before falling through.
McCowan relisted the site for $15 million with Jamie Craven taking advantage of the new bargain price.
Ed Craven stunned the market two years ago when he purchased an abandoned St Georges Road property in Toorak, setting a Melbourne-record price at $80,000,088.
