“I’ve still got two or three buyers with budgets over $40 million looking for something similar to Avon Court,” Mr Chen said.
Avon Court has sold to a local buyer for $41 million.
Mr Du had purchased Avon Court on Shakespeare Grove in 2014 for $19.8 million from the AutoBarn co-founder, the late Garry Dumbrell.
While the recent sale more than doubles the previous sale price, it also marks a new suburb record for Hawthorn topping the $40.5 million paid when Australia Post boss Ahmed Fahour sold his nearby property, Invergowrie, to Angela and Stephen Tomisich, co-founders of analytical science and devices company Trajan Group.
Selling agent Kay & Burton’s Grant Samuel says the transaction is a sign of the broader strength of the prestige market. “The Melbourne top-end market is as strong as its ever been,” Mr Samuel said.
“You’ve got three Toorak properties simultaneously on the market for over $40 million. I’ve never seen that before, and it shows vendor’s confidence in the prestige buying pool.”
Hawthorn’s Avon Court historic mansion sits on a 4300 square metre landholding.
The three listings include the $42.5 million listing of the Toorak estate of the late hedge fund manager David Hains, the $60 million listing of the late Ron Walker’s estate and recent addition of a Clendon Road mansion on 4700 square metres owned by Arvin Lourdenadin, son of businessman Sir Ninian Mogan Lourdenadin, with a guide of $42 million and $46 million.
Mr Samuels said alongside Toorak, Hawthorn is gaining prominence as a blue-chip suburb, clocking multiple sales over $40 million.
“It’s a pretty, leafy suburb, and a lot of the buyers are drawn to it due to the proximity to great schools,” Mr Samuels said. “Proximity to schools is a huge factor driving the prestige market.”
Built around 1873, Avon Court sits on 4300 square metres, and comes with nine bedrooms, two pools, manicured gardens, gym, sauna, maid’s quarters, 4000-bottle wine cellar, 10-car garage and two rooftop terraces with city views. It also comes with seven kitchens, including an 18-seat teppanyaki kitchen.
The property has seven kitchens, two pools and an 18-seat cinema.
The property was once owned by Richmond football club president Clinton Casey, who left his AFL imprint on the three-storey home in the form of a tiled image of Tigers’ great Jack Dyer on one of the seven bathroom walls. Mr Casey sold the property to the Dumbrells in 2009 for $20.25 million.