The record price for an Australian residential property has been smashed after the sale of a Vaucluse mansion this week.
Gambling mogul James Packer and his former wife Erica made Australian real estate history with the sale of La Mer, a six-storey mega mansion on Vaucluse’s Wentworth Road for around $70 million.
The sale of Le Mar easily tops the previous record price for an Australian residential sale, which sat at $57.5 million after the 2009 sale of a Perth
mansion by mining heiress Angela Bennett.
The previous Sydney residential record was $52 million after Chinese businessman Wang Zhijun purchased Altona, a waterfront Point Piper
mansion, in 2013.
According to Fairfax Media, the sale is part of the Packer’s divorce settlement and while the price tag is certainly a record, it won’t be delivering any capital windfall.
Le Mar sits on a 3300 square metre parcel of land formed after the Packers reportedly spent around $29 million on three neighbouring properties between 2009 and 2010.
The building costs for the mansion are estimated to be around another $40 million.
A spokesman for Mr Packer told Fairfax Media the property had been sold to a local buyer
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
st kilda west
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out