Waterfront mansion in unexpected suburb sells for record $16.3 million

Waterfront mansion in unexpected suburb sells for record $16.3 million

A waterfront mansion in Sylvania has sold for more than $16 million, setting a new price record for the Sutherland Shire.

The trophy home dubbed “Palazzo Georges” sold for $16.3 million in an off-market deal last week, topping the previous region record of $14 million. A waterfront home in Sylvania has sold for $16.3 million. The sprawling five-bedroom, six-bathroom home fronts the Georges River and has a private deepwater jetty with two pontoons and a boathouse, as well as a pool.

Other features include formal and informal living and dining areas, including a rotating circular dining room, a theatre room, music room, outdoor entertaining areas, an elevator, and a six-car garage with turntable parking.
“I wasn’t surprised with the purchase price because … there truly wasn’t anything like it in the area,” said selling agent Maurice Maroon, of Luxe Agency by Maurice Maroon.

The Harrow Street home took some three years and more than an estimated $8 million to construct , after the property – which spans three lots and almost 1350 square metres – was purchased by rag trader Kevork “George” Georges and his wife Cathy back in 2002, for a then suburb record of $4.3 million.

Previous owners include furniture retailer Keith Lord and his wife Jean, and the late Formula One champion Sir Jack Brabham, who purchased the property for $110,000 in 1970. The waterfront property spreads across three lots, and has a private deepwater jetty with two pontoons and a boathouse. The result tops the region’s previous $14 million house price record, only set late last year when a landmark Cronulla residence known locally as the “spaceship house” sold about a month after it was listed for $15 million. Before that, the record for the area had stood at $10.86 million, a price tag achieved with the 2018 sale of a Kangaroo Point home.

However, the $16.3 million sale price was well below the $20 million price guide that the home was listed for back in 2016 . No sale eventuated, and Mr Maroon said the property had been off-market with other agents on and off in the years since. The property last sold in 2012, and the home took almost three years to construct. “It was just a matter of finding the right buyer for it,” Mr Maroon said, adding the home represented great value in the current market.

Along with colleague Maryanne Cassar, he sold the property to a family from the lower north shore who relocated to the city’s south and had been looking to purchase in the area for about a year. Meanwhile, the vendors are planning to downsize.

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