Sonoma co-founder splashes $13 million on Sydney mansion

Andrew Connole, co-founder of popular Aussie artisan bakery chain Sonoma, and his wife, Irene, have snapped up a Sydney trophy home for a sizeable sum.

The Connoles paid $13 million for a grand, unrenovated, six-bedroom residence in Elizabeth Bay, The Australian Financial Review reports.

Known as Keadye, the circa-1892 mansion is set on a 510-square-metre block on the exclusive Elizabeth Bay loop.

They purchased the property from Lendlease group chief executive Tony Lombardo and his wife, May Chen, who is a lawyer.

The Lombardo-Chens never lived at the Elizabeth Bay home. Instead, they secured a development application for a major extension and on-sold the property, according to the AFR.

They originally purchased the home in 2021 for $8.5 million.

Esteemed architect William Smart approved the plans, which propose to “reinvent” the historic residence as a “harbourside masterpiece”.

The proposed transformation will add 150 square metres of extra living space, introducing a cinema room, a gym, a lift, a swimming pool and rooftop garden.

A property search reveals Keadye was sold in March last year, however, the lengthy settlement has only officially ended.

Lombardo resigned from the Australian real estate and infrastructure group in February.

He leaves Lendlease later this year for an offshore move to Singapore to join Frasers Property as group chief operating officer.

Connole is no stranger to high-end homes.

The baker, who founded the widely successful bread empire with his brother Christian in 1998, sold his Point Piper waterfront home in 2017 for more than $17 million.