A new house price record has been set in Melbourne with the sale of the Baillieu family mansion for approximately $25 million.
The one-acre, federation-style home was sold just last year for $15 million following the death of the matriarch, 93 year old Diana.
The property, which is nicely set on one of Toorak’s best known avenues – George Road, was sold to property developer Harry Stamoulis late last week.
But while the sale contract was finalised a few days ago, sources close to the transaction said the deal was first agreed upon last year, shortly after Zig Inge Group bought the property.
The Zig Inge Group had been contemplating a residential development on site but decided instead to capitalise on the buoyant market.
The new owner, Mr Stamoulis, now appears likely to demolish the un-renovated single story property to build his own home on the grounds.