The house has had a full makeover.Credit:Marshall White
The residence is light and airy.Credit:Marshall White
“Especially now as there’s a really good correlation between the internal and external beauty of the home.”
Top-end buyer’s advocate with Morrell and Koren,David Morrell,said the property had been renovated as it had previously failed to sell.
He said the most expensive end of the Melbourne market was still hot,with another property at231 Kooyong Road,Toorak selling at a boardroom auction on Wednesday night.
The home has been dubbed the ‘prettiest house in Toorak’.Credit:Marshall White
The property had a guide between $8.4 million and $9.24 million,but after five bidders went toe to toe,it sold for $12 million,he said.
“You’d think that the whole dramas overseas[war in the Middle East] would be a cause for pause,but it’s been the opposite,” he said.
He believed the buyer of the Hains family property would be a Melbourne resident,wanting to buy the “prettiest house in Toorak.”
The home on Albany Road was listed after the death of David Hains in January,at the age of 92.
The house is set in manicured gardens.Credit:Marshall White
The street is also known as billionaires’ row as neighbours include business luminaries such as Premier Investments chairman Solomon Lew and shopping mall magnate John Gandel.
Hains founded hedge fund Portland House Group,estimated to be worth around $2.9 billion.
He bought the Albany Road mansion,on 3616 square metres of land,with his late wife Helen for $108,000.
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It had some strong business credentials as the property was purchased by Sir Keith Murdoch,father of former News Corp executive chairman Rupert Murdoch,in 1947,and was his home until his death in 1952. It was sold the following year for £35,000.
Hains is survived by five children,with his eldest son Stephen Hains now director of Portland House Group. Sons Richard and Michael are also managers there.
His daughter,Cathy,is a thoroughbred horse breeder and trainer,taking after Hains’ own passion for racehorses,and his son Paul is founder,CEO and editor of digital magazine Aeon.