This article is from the Australian Property Journal archive
LATE billionaire David Hains’ 10-bedroom mansion in Melbourne’s most expensive suburb has sold for around $40 million.
The vine-covered Georgian revival style home at 35-39 Albany Road in Toorak has sold at the bottom end of the $40 million to $45 million asking price.
Built in 1940, the home was first listed back in January last year, shortly after the death of racehorse owner David Hains, who left an estimated fortune of around $2.9 billion.
Originally part of the 1876-built Kenley mansion estate, the Albany Road parcel saw the current home commissioned by then owner Helen Wood, with the design by Geelong-born architect Geoffrey Sommers.
Later in the 1940s, the expansive house became home to the father of Rupert Murdoch, Keith Murdoch, who lived there until his death.
The home has remained largely unchanged but now includes a lift, gym, four-car garage, and pool amongst manicured gardens.
Marcus Chiminello managed the listing of the prestige property, with reports suggesting the buyer was referred by Andrew Sahhar from Kay & Burton.
2024 has seen a flurry of listings in Toorak, with ex-David Jones chief executive listing 22 Stonnington Place with a $19.5 to $21 million price guide, after buying another mansion in the suburb for $36 million in December.
With the modern Nic Bochsler home at 14 Linlithgow Road listed for $21 million to $23 million and the Arts and Crafts-style 12 Lansell Road listed with a $27 million to $29.7 million price guide.
While a Macquarie Road house in the suburb is expected to break Victoria’s $80 million-plus house price record, set by crypto casino billionaire Ed Craven with the abandoned St Georges Road property in Toorak, who recently hired Melbourne firm Paul Conrad Architects to overhaul the mansion.
Just last month, businessman David Prior sold his Toorak mansion at 14 St Georges Road for $40 million, after being listed with a $46 million to $50 million asking range.
