Toorak mansion hits Melbourne real estate market for $50m

A home in one of Australia’s most exclusive suburbs is up for sale with a price tag of $50 million.

The house in Toorak, an inner city suburb of Melbourne, along St Georges Road, has just hit the prestige property market, with expressions of interest closing next month.

The five-bedroom, five-bathroom mansion is open to private inspections only and has a swimming pool, spa, gymnasium and tennis court.

The mega mansion, named Karum, sits on a sprawling 3000sq m property and has its own roundabout.

The Australian Financial Reviewreports that between $46 million and $50 million is being suggested as the price guide.

Richlister David Prior, founder of major yoghurt brand five:am, and his wife Sallie, a shoe designer, own the property.

The property appears to have doubled its price in the space of a decade.

Mr and Mrs Prior bought the place for $23.3 million in 2014 in an off market agreement.

At the time, Mr Prior had just sold his yoghurt business to a UK company for a cool $80 million.

According to the home’s advertisement, it was designed by prominent architect AJ Ainslie in 1929 in the Mediterranean Georgian Revival style.

The bathrooms are marble-lined, while the home also has bevelled glass windows, decorative columns and an arched portico.

Despite the home’s staggering price guide, this is far from the most expensive home to hit the market along the exclusive Toorak street on which is it situated.

In August last year, a run-down 10-bedroom mansion was snapped up by crypto kingpin Edward Craven for $80 million. That set a new record for Toorak and Melbourne.

Mr Craven owns another property in Toorak which had a $38 million price tag.

Chemist Warehouse boss Sam Gance bought a house in Toorak in 2021 for $43 million.

Before that, tech entrepreneur founder Ruslan Kogan held the previous record of $38.8 million for the suburb.

The most expensive property in Australia is the $130 million mansion, Uig Lodge, in Point Piper in Sydney, purchased by Atlassian co-founder Scott Farquhar and his wife, investment banker Kim Jackson in 2022.

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