Inside the mystery $20 million mansion of Sydney pub moguls

The private estate of the late high-profile Sydney couple Carole and Walter Lamerton is on the market for the first time in more than three decades.

The grand residence, in Paddington in the city’s eastern suburbs, had been the beloved home of the couple since the 1990s, according to The Australian Financial Review.

After being introduced by mutual friends at a social dance in the 1950s, Walter, a geology enthusiast, and Carole, an arts student, completed their studies and went on to marry.

They became a powerful duo in the Sydney hospitality industry, owning and managing iconic pubs including The Bank in Newtown and the nearby Erskineville Hotel.

The couple purchased their three-level Paddington Street property in 1994 for $1.85 million.

The five-bedroom, two-bathroom home sits on a 480 square-metre parcel with a rare 16.5-metre frontage. It has been renovated by Richards Stanisch, with the home’s gardens designed by Myles Baldwin.

The couple lived together at the home until Walter’s death in 2003 aged 72. Carole passed away in June 2024, aged 91.

Now, the property is being listed for sale, with The Agency’s Ben Collier.

“It’s a house that has intrigued and captivated anyone who walks past; people just stand in front of it all the time,” Collier told the AFR.

He said, over the years, he had conversations with Carole about the possibility of selling. 

The conversation would always end in a polite decline, followed by the single question of “but where would I go?”.

Collier noted price expectations for the property were north of $20 million.

The $20 million suburb price guide was set last year when the luxury conversion of the former Windsor Castle Hotel sold for $26.85 million in October 2025.

As well as real estate, and stocks, the pair were savvy investors. Their names are among more than 600 individuals who financially backed the film Crocodile Dundee.

The 1986 project which starred Paul Hogan and Linda Kozlowski, was made on a budget of $8.8 million. 

The worldwide box office earnings were $US328 million ($470 million).

SOLD - Price Withheld

127 Paddington Street, Paddington NSW 2021

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