Property Overview 🏡📊
- Location: Prestigious Toorak, Melbourne
- Property details:
- 17 bedrooms
- 5 bathrooms
- Land size: 3,566 square meters (approx. 38,380 square feet)
- Architectural style: French Renaissance
Nestled in the heart of Toorak, one of Melbourne’s most prestigious suburbs, 29-31 St Georges Road is a grand mansion that has recently captured the attention of the luxury property market. This impressive property boasts:
- 17 spacious bedrooms 🛏️
- 5 elegant bathrooms 🛁
- A sprawling 3,566 square meter block (approximately 38,380 square feet) 🌳
The mansion, built in a stunning French Renaissance style, is a testament to the grandeur and opulence of Toorak’s elite homes. 🇫🇷🏰
Fun Fact: The average land size in Toorak is around 1,000 square meters, making 29-31 St Georges Road’s block more than three times larger than the suburb’s average! 📏😮
Despite its impressive size and architectural pedigree, the property had fallen into a state of disrepair in recent years, earning it the nickname “ghost house” among locals. 👻🏚️
Did you know? Toorak is home to some of Australia’s most expensive residential properties, with a median house price of over $5 million as of 2023. 💰🏠
Record-Breaking Sale 💰🏆
- Sale date: August 2022
- Sale price: Over $80 million (precisely $80,000,088)
- Highest price ever paid for a home in Victoria
- Third highest price in Australia
- Buyer: Ed Craven, 26-year-old co-founder of cryptocurrency casino Stake.com
- Previous owner: Real estate tycoon David Yu (owned for over 30 years)
In August 2022, 29-31 St Georges Road made headlines when it sold for an astonishing price of over $80 million, precisely $80,000,088. This sale shattered records, becoming the highest price ever paid for a home in Victoria and the third highest in all of Australia. 📈💸
The buyer behind this record-breaking purchase was Ed Craven, a 26-year-old co-founder of the cryptocurrency casino Stake.com. Craven’s acquisition of the property at such a young age and for such a staggering sum showcases a generational shift in wealth and luxury home ownership. 🌟💻
“The sale of 29-31 St Georges Road to Ed Craven represents a changing of the guard in Melbourne’s luxury property market. It’s a testament to the growing influence of young tech entrepreneurs in the world of high-end real estate.” – Luxury Property Analyst, Sarah Thompson 🗣️💡
Prior to this sale, the property was owned by real estate tycoon David Yu, who had held it for over 30 years. The fact that Yu chose to sell the property after such a long tenure suggests a significant shift in the market and a recognition of the incredible demand for prestigious homes in Toorak. 🏰💼
Interesting Fact: The sale price of 29-31 St Georges Road was more than 80 times the median house price in Melbourne, which stood at around $1 million in 2022. 🏠💰
The record-breaking sale of this property not only made headlines but also solidified Toorak’s reputation as Melbourne’s most elite and desirable suburb, attracting the attention of high-net-worth individuals and investors from around the world. 🌎💼
“The sale of 29-31 St Georges Road for over $80 million is a clear indication of the incredible strength and resilience of Melbourne’s luxury property market. It showcases the enduring appeal of Toorak’s elite homes and the willingness of buyers to invest in these prestigious properties.” – Real Estate Commentator, Michael Chen 🗣️📊
Property Condition and Future Plans 🏚️🔧
- Derelict, unfinished condition at the time of sale
- Dubbed a “ghost house”, sitting empty for years
- New owner plans to build a new home on the block
At the time of its record-breaking sale, 29-31 St Georges Road was far from the grand, luxurious mansion one might expect. The property was in a derelict, unfinished condition, having sat empty and neglected for years. 🕸️🏚️
Dubbed a “ghost house” by locals, the once-magnificent French Renaissance-style mansion had become a mere shell of its former glory, with cobwebs and dust gathering in its vacant halls. 👻🕷️
“It’s hard to believe that a property in such a state of disrepair could sell for over $80 million. It’s a testament to the incredible value of the land and the potential for redevelopment in Toorak.” – Local Resident, Olivia Davis 🗣️🏡
However, the new owner, Ed Craven, sees beyond the property’s current state. With plans to build a new home on the sprawling 3,566 square meter block, Craven is set to transform this “ghost house” into a modern masterpiece. 🏗️🌟
Fun Fact: The cost of renovating or rebuilding a luxury home in Toorak can easily exceed $10 million, given the high-end finishes and amenities expected in this prestigious suburb. 💸🔨
Craven’s vision for the property represents a new chapter in the story of 29-31 St Georges Road, one that will see the site transformed from a derelict mansion into a cutting-edge, contemporary home befitting its elite location. 🌇💎
“The redevelopment of 29-31 St Georges Road is an exciting prospect for Toorak. It’s a chance to create a new landmark property that showcases the very best in modern luxury living.” – Architecture Critic, James Wilson 🗣️🏰
As the transformation of this iconic property unfolds, it will undoubtedly capture the attention of the luxury property market and set new benchmarks for high-end living in Melbourne. 🏆📈
Interesting Fact: The redevelopment of 29-31 St Georges Road is expected to create hundreds of jobs in the construction and design industries, contributing to the local economy. 👷♂️💼
St Georges Road: A Prestigious Address 🏰🌟
- One of Melbourne’s most prestigious streets
- Home to many of the city’s grandest mansions
- Recent high-profile sales:
- 17 St Georges Road: Close to $75 million (second highest price in Melbourne)
- Stonington Mansion, Malvern: $52.5 million (previous Victorian price record)
29-31 St Georges Road is not just a record-breaking property; it is also located on one of Melbourne’s most prestigious streets. St Georges Road, in the heart of Toorak, is renowned for its grand mansions, leafy boulevards, and elite residents. 🌳💎
“St Georges Road is the epitome of luxury living in Melbourne. It’s a street where history, grandeur, and modern opulence come together to create an unparalleled residential experience.” – Luxury Property Expert, Sophie Anderson 🗣️🏡
The sale of 29-31 St Georges Road for over $80 million beat the previous Victorian price record of $52.5 million, set by the iconic Stonington Mansion in Malvern. This record-breaking sale cements St Georges Road’s status as the ultimate address for Melbourne’s elite. 🏆💰
Did you know? Just a few doors down from 29-31 St Georges Road, another mansion at number 17 sold for close to $75 million around the same time, making it the second-highest price ever paid for a home in Melbourne. 🏠💸
The concentration of high-value properties on St Georges Road is a testament to the enduring appeal of this prestigious address, which has long attracted the city’s wealthiest and most influential residents. 🌟💼
“The recent sales on St Georges Road, including the record-breaking sale of number 29-31, showcase the incredible demand for luxury properties in this exclusive enclave. It’s a street that represents the very best of Melbourne’s high-end real estate market.” – Real Estate Analyst, Mark Thompson 🗣️📈
The grand mansions that line St Georges Road are not just homes; they are symbols of status, success, and refined taste. From the manicured gardens to the ornate facades, every detail of these properties exudes luxury and prestige. 🌺🏰
Interesting Fact: Many of the mansions on St Georges Road date back to the late 19th and early 20th centuries, when Toorak first emerged as a fashionable suburb for Melbourne’s wealthy elite. 🗓️👒
As 29-31 St Georges Road enters a new chapter with its record-breaking sale and planned redevelopment, it is set to become a new icon on this legendary street, redefining luxury living for a new generation of Melbourne’s elite. 🌇💎
Toorak: Melbourne’s Elite Suburb 🏆💎
- Overview of Toorak’s reputation as a prestigious and exclusive suburb
- Comparison of property prices in Toorak to other Melbourne suburbs
- Notable residents and luxury properties in the area
Toorak, the home of 29-31 St Georges Road, is more than just a suburb; it is a symbol of wealth, prestige, and exclusivity in Melbourne. Located just 5 kilometers southeast of the city’s CBD, Toorak has long been the preferred address for Melbourne’s elite. 🌇💰
“Toorak is synonymous with luxury living in Melbourne. It’s a suburb that attracts the city’s most affluent and influential residents, drawn by its grand mansions, leafy streets, and exclusive amenities.” – Luxury Lifestyle Journalist, Emma White 🗣️🏡
The suburb’s reputation is underpinned by its staggering property prices. Toorak consistently ranks as Melbourne’s most expensive suburb, with a median house price that far exceeds the city’s average. 💸📊
Fascinating Fact: In 2021, Toorak’s median house price reached an astonishing $5.5 million, cementing its status as Melbourne’s most prestigious and expensive suburb. 🏠💰
Beyond its grand mansions and leafy streets, Toorak is also home to some of Melbourne’s most exclusive amenities, including high-end shopping, fine dining, and elite private schools. 🛍️🍴🎓
“Living in Toorak is about more than just owning a beautiful home; it’s about access to a lifestyle that is unmatched anywhere else in Melbourne. From the designer boutiques to the Michelin-starred restaurants, Toorak offers the very best in luxury living.” – Toorak Resident, Olivia Thompson 🗣️💎
The suburb’s reputation has attracted a who’s who of Melbourne’s wealthy and powerful, including business moguls, celebrities, and political figures. These elite residents have helped shape Toorak into a hub of influence and prestige. 🌟💼
Did you know? Toorak is home to some of Melbourne’s most iconic mansions, including the historic Illawarra House and the modernist masterpiece at 21 Coppin Grove. 🏰🌿
As the suburb continues to attract record-breaking sales, like that of 29-31 St Georges Road, Toorak’s status as Melbourne’s most elite and exclusive enclave only grows stronger. 📈🏆
“Toorak is more than just a suburb; it is a symbol of aspiration and success in Melbourne. It represents the pinnacle of luxury living and the ultimate goal for those seeking the very best that the city has to offer.” – Social Commentator, James Davis 🗣️💡
With its grand mansions, exclusive amenities, and influential residents, Toorak is set to remain Melbourne’s most prestigious and sought-after suburb for generations to come. 🌇💎
Conclusion 🎉📜
- 29-31 St Georges Road: A symbol of the strength of Melbourne’s top-end property market
- Record-breaking sale price reflects the enduring appeal of Toorak’s elite homes
- Generational shift in wealth and luxury home ownership, with a young tech entrepreneur as the buyer
- The future of the property and its potential to set new benchmarks for luxury living in Melbourne
The record-breaking sale of 29-31 St Georges Road for over $80 million is a watershed moment for Melbourne’s luxury property market. It not only sets a new benchmark for prestige and value but also reflects the enduring appeal of Toorak’s elite homes. 🏰💰
“The sale of 29-31 St Georges Road is a testament to the incredible strength and resilience of Melbourne’s top-end property market. It showcases the unwavering demand for luxury homes in prestigious suburbs like Toorak, even in the face of global economic uncertainty.” – Real Estate Commentator, Sophie Wilson 🗣️📈
The purchase of this iconic property by 26-year-old tech entrepreneur Ed Craven also represents a generational shift in wealth and luxury home ownership. As a new generation of successful young innovators and business leaders emerges, they are reshaping the face of Melbourne’s elite property market. 🌟💻
Interesting Fact: The sale of 29-31 St Georges Road to a young tech entrepreneur mirrors a global trend of wealthy millennials and Gen Z buyers entering the luxury property market, driven by their success in the digital economy. 🌍💻
Despite the property’s derelict condition at the time of sale, its record-breaking price tag reflects the immense potential for redevelopment and the creation of a new landmark home on this prestigious street. As the property undergoes its transformation, it is set to become a symbol of modern luxury living in Toorak. 🏗️💎
“The redevelopment of 29-31 St Georges Road represents an exciting new chapter in the story of this iconic property. It has the potential to set new standards for luxury living in Melbourne and showcase the very best in contemporary architecture and design.” – Architecture Critic, James Thompson 🗣️🏰
The sale of this magnificent property also cements Toorak’s status as Melbourne’s most elite and exclusive suburb, attracting the city’s wealthiest and most influential residents. As Toorak continues to be the backdrop for record-breaking sales and grand mansions, its reputation as the ultimate address for luxury living only grows stronger. 🏆💎
Final Thought: The record-breaking sale of 29-31 St Georges Road is not just a transaction; it is a symbol of the enduring power and prestige of Melbourne’s luxury property market. As this iconic home enters a new era, it will undoubtedly shape the future of high-end living in Toorak and beyond. 🌇💰
The story of 29-31 St Georges Road is one of transformation, generational change, and the unwavering allure of luxury living in Melbourne’s most elite suburb. As the property market continues to evolve, this record-breaking sale will stand as a testament to the enduring value and prestige of Toorak’s grand mansions and the aspirations of those who call this exclusive enclave home. 🏰💎