Millionaire Accused of Murder Sets 2014 Sydney Home Sale RecordNichola Saminather
The Sydney harborfront mansion of millionaire Australian property developer Ron Medich, who is accused of murder, sold for close to the A$40 million ($37.5 million) asking price, setting a 2014 Australian record.
The five-bedroom home in the eastern suburb of Point Piper went to a local buyer last night, said Bill Malouf, principal at broker LJ Hooker Corp. Double Bay, who handled the sale. He declined to confirm the identity of the buyer or the exact price.
The sale of the house, with harbor views, a private jetty and a full-floor master retreat, follows another transaction a week ago for more than A$30 million in the same suburb. Two other properties, also in the eastern suburbs, are vying to become Australia’s most expensive sales, as record-low interest rates, rising share prices and demand from overseas buyers boost demand for luxury properties.
``Like everything else, there were a lot of Asian buyers interested, but it was a matter of having the necessary approvals,’’ Malouf, who jointly marketed the property with Ken Jacobs, Sydney-based managing director of Ken Jacobs Real Estate, the Australian affiliate of Christie’s International Real Estate, said by telephone. “Since it ended up going to a local buyer, that wasn’t needed finally.”
Medich is awaiting trial after he was charged by police in October 2010 with soliciting to murder businessman Michael McGurk. The two were involved in litigation in federal court and McGurk was shot Sept. 3, 2009, outside his home in the Sydney suburb of Cremorne. Medich pleaded not guilty to the murder in November 2013 and is due to stand trial on Aug. 25.
Australia’s most expensive home, in the Perth suburb of Mosman Park, sold for A$57.5 million in 2009. The A$52m million sale of the nine-bedroom mansion belonging to publisher Deke Miskin and his swimsuit-designer wife Eve, set the Sydney record in May 2013.
Medich and his former wife listed the mansion in 2011, seeking A$55 million, the Australian newspaper said today. Malouf and Jacobs have had the listing for the past 18 months, Malouf said.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.