The multibillionaire Pratt family own Raheen, an extravagant mansion at 94 Studley Park Rd, Kew, estimated to be worth more than $70m. Picture: Andrew Henshaw
They’re Melbourne’s most opulent mansions with price tags as long as telephone numbers.
But the sprawling estates of Raheen in Kew, owned by multibillionaires the Pratt family, and rich list property developer John Gandel’s Toorak manor will “never” come on the market.
If they did, the homes, which are believed to be worth between $70m and $80m each, would eclipse Toorak’s current $38.8m residential price record.
RELATED: Toorak pad earns almost $40 million in secret off-market sale
Melbourne’s most powerful streets: Where our rich listers, celebs live
Malvern’s Stonington Mansion sets Victorian house price record
Property developer Harry Stamoulis famously spent $70m building his Greek-inspired palace at 39 St Georges Rd, Toorak. Picture: Aaron Francis
And like trucking magnate Lindsay Fox’s $50m Toorak abode, and businessman Solomon Lew’s $60m Albany Rd compound, they all have two things in common.
One is they will never come on the market.
The second is the average Melburnian will never get a look inside.
Melbourne’s best agents spoke to the Sunday Herald Sun — many on condition of anonymity — to blow the lid on the city’s most exclusive addresses.
Former Essendon Football Club chairman Paul Little bought the 154-year-old Coonac estate at 65 Clendon Rd, Toorak, in 2002. Picture: Andrew Henshaw
Some serve as the full-time headquarters of their rich owners, while others are vacant except for a few housemaids.
One unoccupied multimillion-dollar residence believed to be owned by a foreign buyer is rumoured to be used for storage as a giant “warehouse”.
Agents are divided on if Mr Fox lives at his Irving Rd digs — where he is said to have once hosted a former United States president — or at his $30m Portsea mansion.
Rich list logistics boss Lindsay Fox’s mansion at 48 Irving Rd, Toorak.
He also owns a sprawling Portsea estate believed to be worth $30m.
Mr Fox owns Australia’s biggest private logistics company, Linfox.
Mr Lew’s ex-wife resides at his substantial Toorak landholding, which is thought to include at least five separate blocks, while he lives nearby in a St Kilda apartment.
Morrell & Koren’s David Morrell said the super wealthy were prepared to go to great lengths to secure their privacy, including by buying up the homes next-door.
Speaking only about rich listers who weren’t his clients, he said buying and selling at the top end demanded discretion.
The opulent residence of former Australia Post Ahmed Fahour at 21 Coppin Grove, Hawthorn, recently sold for more than $40m.
Mr Fahour is also a former chief executive of the National Australia Bank. Picture: Ian Currie
“I’ve got to be careful, I walk on eggshells,” Mr Morrell said.
“The casual observer will never get in the front door. I’ve worked for a lot of these people and I’ve got as far as the kitchen once or twice.”
Arguably Melbourne’s most expensive home is Sidney Myer’s extravagant Clendon Rd, Toorak, residence, which is believed to be worth more than $100m.
Developer and philanthropist John Gandel’s mansion is hardly visible from the street.
But an aerial view reveals the grand estate’s huge size and impressive garden.
Pauline and John Gandel pictured together at an event held by the State Library of Victoria in 2019. Picture: Fiona Byrne
Last year marked the 100-year anniversary of the department giant’s descendants’ grip on the palatial Edwardian, named Cranlana, which is set behind imposing wrought iron gates and manicured lawns dotted with Italianate sculptures.
Marshall White director John Bongiorno said a handful of properties of the highest calibre might transact in a year and “that would be a pretty good year”.
Cranlana Mansion, at 62 Clendon Rd, Toorak, is estimated to be worth more than $100m.
It was purchased by Sidney Myer, founder of the Myer department stores, in 1920.
Former Essendon Football Club chairman Paul Little bought Toorak’s seven-bedroom, six-bathroom 154-year-old Coonac mansion in 2002 for $14.5m.
Kay & Burton chairman Gerald Delany estimated it was now worth more than $50m.
Mr Little said the home’s architecture drew him in and he and his wife, Jane Hansen, were “serial offenders” when it came to buying up and restoring old stately homes.
“I love the size and the scale of the whole area of Coonac,” Mr Little said.
The stunning abode at 18-20 Shakespeare Grove, Hawthorn, is currently on the market for $45m.
“It was the style of the architecture of the building itself, it’s beautiful inside and out.”
Another significant holding is property developer Harry Stamoulis’s Greek inspired 39 St Georges Rd, Toorak, abode, which famously cost $70m to build.
Former Australia Post and NAB boss Ahmed Fahour recently sold his 21 Coppin Grove, Hawthorn, estate for north of $40m.
While Malvern’s Stonington Mansion broke the state’s price record when it sold for $52.5m in 2018.
Stonington Mansion at 336 Glenferrie Rd, Malvern, set a price record when it sold in 2018 for $52.5m. Picture: Andrew Henshaw
Kay & Burton chairman Gerald Delany said a lot of luxury Melbourne homes sat in the $20-$30m range, but these properties were in a different stratosphere.
Mr Bongiorno said turnover at the true top level was low because homeowners had huge cash reserves and no need to sell — regardless of how lucrative the offer.
Their current homes were also so magnificent he said there was nothing better for them to trade up to.
Rich businessman Solomon Lew’s Albany Rd compound is thought to include at least five separate blocks.
Mr Lew is one of a number of Melbourne’s elite who agents say bought up neighbouring properties in attempt to secure privacy from prying eyes. Picture: Sean Davey
“They’re up there with some of the best properties not just in Melbourne or Australia, but in the world,” Mr Bongiorno said.
“I don’t think even in London or New York you’d have these sort of properties within the vicinity of the CBD like we do in Melbourne.”
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Top 50 homes in Victoria: The best houses from Kallista to Kew revealed
Berwick prestige market: New listing with luxurious renovation follows $9.5m sale
Ahmed Fahour sells Hawthorn mansion Invergowrie off-market
rebecca.dinuzzo@news.com.au
