Mosman suburb record broken by $50m harbourside home deal

There’s no cost-of-living crisis in Mosman where a palatial home has sold for about $50 million, making it both a suburb record and north shore record.

The property on a 2235-square-metre block was sold by the Balnaves philanthropic family, who purchased the home for $6,525,000 in 2001.

A deal was made on Tuesday before the estate officially launched to market.

The property sold towards the top end of the $45 million to $50 million guide, according to two sources with knowledge of the deal but not authorised to comment publicly. The exact sum will be revealed at settlement.

The property was sold through Michael Coombs and Adrian Bridges of Atlas Lower North Shore, who both declined to comment on the sale price or buyer, but did confirm the sale.

The six-bedroom, seven-bathroom, three-storey property was designed by architect Susan Rothwell.

The exterior features Palladian architecture with its symmetry and column-like design, and interiors evoke glamour with a central atrium water feature and travertine bathrooms.

There are formal and casual wings, a wet-edge pool, a spa, gym, steam room and uninterrupted views from North to South Head and Balmoral Beach.

This masthead previously reported that a waterfront Mosman mansion sold for a suburb record of $43.5 million in an off-market deal.

Settlement documents last month revealed Castlecrag locals Louise Grinham and her fund manager husband, Richard, to be the cash buyers of the Virgona family’s estate.

Glenn Curran of The Agency and Guido Scatizzi of BresicWhitney declined to comment on the identity of the buyers, citing a confidentiality agreement.

Three parties with budgets of more than $40 million vied for the keys, and the property sold before the listing went live.

The three-bedroom, three-bathroom house has views of Chinamans Beach and was last purchased for $5.5 million in 2010 under Maria Virgona’s name.

Maria and her husband, Victor, who developed living estates for the over 50s and had a prefabricated homes business, are no strangers to trophy homes.

They took Mosman’s prestige market into the $20 million range in 2005 when they sold their family compound on Burran Avenue for $20.5 million to industrial property billionaire Greg Goodman.

Mosman’s median house price is $5,425,000, down 3.1 per cent over the 12 months to June on Domain data.