31 Coolong Rd, Vaucluse, is right on the waterfront and has a pool, tennis court and glorious harbour views.
They’re falling like flies — Sydney’s most expensive trophy homes that have been sitting on the market for nearly a year, selling for as much as $17m less than their original asking price.
The Vaucluse home of Vass Industries founder Nick Vass
and his wife, Marion, at exclusive Coolong Road, has sold this week in the “high $30m range”, down from the $55m when it first hit the market last October.
But it’s still Australia’s most expensive house sale this year.
The huge 1920s era home, with glorious harbour views, pool and tennis court, is on an almost 2000 sqm waterfront block, and it’s sold through Christies agent Peter Anderson. He’s not commenting on the sale price, but other sources have indicated the result.
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It follows the $32m sale of retired dealer Laurie Sutton’s Darling Point mansion and the $33.5m sale of Elizabeth Bay’s Berthong — both down from $35m — in March. Sutton’s home had been first listed 18 months earlier and Berthong had been for sale for four years.
But in the midst of a pandemic with 3.5m Australians on Jobkeeper, that anyone would part with such a mega amount of money for a house must seem bewildering to many.
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Resort living.
A floodlit tennis court — try getting those lights approved today.
It’s understood Anderson had multiple parties, both locally and from overseas, fighting over the Vass family’s seven-bedroom, seven-bathroom home with a six-car garage when it went to private tender this week.
The price guide had been revised down to $42m.
It’s a far cry from the $3,725,000 that Vass and his wife, Marion, paid for the 1920s house 33 years ago — through the same agent that sold it this time.
The vendor then was the late Cyril Maloney, who owned a hotel empire including the Bondi, the Olympic in Moore Park and the Hampton in Kings Cross.
The lower-level section of the house opens to the waterfront.
The new owner will want to redecorate — or perhaps even knock it down.
But these days, just up the road, Menulog co-founder, Leon Kamenev is spending $10.3m on building a new home — expected to be one of the country’s finest and be worth well over $100m — on an amalgamated 4270 sqm site of four homes that he’d bought for $80m in 2016.
Anderson gave the Wentworth Courier an exclusive tour of the Vass family’s house last November for our House of the Week.
It had features that its neighbours don’t have and never will — floodlights on its tennis court (try getting those lights through council now) and a jetty, boat pen and slipway (suitable for a big cruiser).
The jetty is highly prized.
The view from the street.
While many will rebuild, you could easily just knock out a few walls to open up the entertainment level.
Four of the bedrooms had their own ensuite. Three of the other bedrooms have access to a family bathroom. And the sunroom is currently being used as a gym, which would be a fantastic place to do your morning workout given the harbour view. You could simply modernise.
There’s also a self-contained unit off the garage; another entertainment wing in the lower garden level and a kitchen in the boathouse.
As Mr Anderson said back then: “This trophy home sits on nearly 2000 sqm of land (half an acre) from street to water … a peaceful sanctuary for the owner.”
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