The view from the terrace at 31 Olola Ave, Vaucluse. The home sold for $7.2m at auction today, $200,000 above reserve.
The incredible Vaucluse home of music industry entrepreneur Pete Lusty — who passed away at 49 in March after a battle with cancer — has sold at auction today for $7.2m, $200k above reserve.
And his widow, Georgia Day, made an emotional tribute, saying living in the Vaucluse home at 31 Olola Ave with her late husband had been “paradise”, comparing it to the 1967 romantic movie, Camelot.
“You know, the musical that starred Richard Harris and Vanessa Redgrave,” an emotional Day told the Wentworth Courier after the auction.
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Wedding photos of the late Pete Lusty with wife Georgia Day at their home in Vaucluse, which went to auction today. Picture: Gaye Gerard.
The crowd at today’s auction, with Georgia Day the blonde in the centre of the photo. Picture: Gaye Gerard
“My life here with my husband and children in this home was pretty close to paradise.
“We had a lot of great parties — we had so much fun — every child who came had a tantrum because they didn’t want to leave.”
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Certainly, the five-bedroom, four-bathroom ‘Olola House’ was a bit like a modern-day castle, high on the hill overlooking a pond, pool, and the grounds of Vaucluse House and the harbour in the distance.
Lusty, who was the co-founder of the independent music company Ivy League Records and management company Winterman & Goldstein, guided rock bands such as The Vines, Jet and Empire of the Sun.
In the aftermath of today’s auction in the open-plan lounge area of 31 Olola Ave, Vaucluse. Picture: Gaye Gerard
Auctioneer Stuart Davies with Sotheby’s managing director, Michael Pallier, during today’s auction. Picture: Sunday Telegraph / Gaye Gerard
The walls of the stairs leading to the lower level music studio are lined with framed gold and silver record awards. Photo: Stephen Nicholls.
The walls of stairs leading down to a lower level music studio were lined with framed gold and silver record awards and Lusty’s 10 Aria Awards were on the mantelpiece of the open-plan living area.
The managing director of Sotheby’s Michael Pallier, who’d sold Lusty and Day the home on a 1168 sqm block for $4.45m just five years ago, had four registered parties at this morning’s auction.
Those registered included Sydney’s most prolific tailor, Patrick Johnson — who was there with his interior designer wife Tamsin — and a friend.
The late Pete Lusty’s collection of Aria Awards. Picture: Gaye Gerard
Promotional photos of the open-plan living room.
The upstairs bedrooms all had harbour views.
With auctioneer Stuart Davies presiding, the friend of the Johnsons had opened their bidding at $5.5m — $500,000 below the $6m guide — before there was a lull in proceedings, prompting Pallier to intervene advising: “There are four registered bidders … I’d suggest you make a bid.”
That prompted another man and his wife to make a $5.85m offer, which then triggered a bidding war between the Johnsons’ friend and the other couple.
While the Johnsons’ friend were making bids of $50k, the other couple was attempting knockout bids of $250,000 and $150k.
The 24-metre lap pool.
The lower level music studio. Photo: Stephen Nicholls.
At $6.6m, Johnson himself took over.
As the bidding hit the $7m reserve, with Johnson immediately countering with $25,000 more, Pallier advised Davies to call the property onto the market.
The second couple probably they’d nailed it with their next offer of $7.15m, but a third couple then jumped in, making their one and only bid of $7.2m.
That won them the keys.
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On the way out, Johnson gave an elbow rub to the couple, congratulating them on their purchase.
The couple sold their four-bedroom, three-bathroom home — redesigned by Tamsin Johnson Interiors — with ocean views at 7 Ashley Street, Tamarama, for $5.65m via Ray White TRG principal Gavin Rubinstein on Wednesday.
It had passed in for $5.525m at its Tuesday night auction.
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