Mosman hotelier Matthew Fallon and his partner Tamara Martin have put their historic mansion Prince Albert House up for sale for $12.5 million to $13.5 million.
The sale plans come just three years after the couple bought the grand 1260-square-metre property for $10 million from recruitment boss Jeromine Alpe.
Mosman’s high-end housing market has been hampered by a shortage of luxury homes for sale this year, which comes in stark contrast to the suburb’s bullish market and run of record-breaking sales last year.
Michael Coombs and Adrian Bridges, of LJ Hooker Avnu, are hoping the sale will be the highest this year in the well-heeled lower north shore suburb, topping the $11.1 million paid in April for the Balmoral slopes duplex of former banker Tony Gates and his wife Pauline.
Tech entrepreneur Simon Clausen sold his heritage-listed Almora House earlier this year amid hopes of recouping his $12 million purchase price of a decade ago, but the sale price remains undisclosed given a long settlement and sources say it transacted for less than $13 million.
Prince Albert House was built in 1907 and was previously known as Candida when bought by Mr Alpe in 1996 for $2.1 million from Avio Group owner Bob Singh and his wife Susan.
Mr Alpe undertook a major renovation and extension of the property by Giles Tribe Architects and with Thomas Hamel Interiors, before it was listed in 2016 and sold after only a week on the market.
The Clifton Gardens residence includes six formal and informal living areas, gymnasium, cellar, five bedrooms, five bathrooms, a swimming pool, study and views to the Harbour Bridge from an upstairs parents retreat.
Fallon, who heads up the PNG-based construction giant Dekenai, bought the Buena Vista Hotel in 2015 for more than $13 million with his brothers Luke and Tim and undertook a refurbishment of the local landmark before reopening it as the Buena.