This Bellevue Hill residence resembles a castle and looks fit for a king, but had an overly ambitious price guide earlier in the year.
‘Tarrant’ at 2D Tarrant Ave was on the market in March, with hopes of $20m+ with a previous agent.
That was prior to interest rate rises and the dampening of record high prices.
Over the six months, the price first dropped to $18m and then $16m, with no sign of royalty — or anyone — looking to move in.
Now with TRG founder and Luxe Listings Sydney star Gavin Rubinstein and colleague Oliver Lavers, the guide is $13m+ for a September 20 auction.
He says that comparable sales are a lot more in line with his new guide of $13m and although not yet sold it’s “seen a lot of activity and heading that way”.
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Rubinstein said it was important to use “realistic benchmarks” to create “competitive tension”.
“Buyers in this market are not stupid,” says Rubinstein.
“In this climate more than ever, if the buyer pool does not see value or respond almost immediately in a sales campaign, the mark has been missed.”
Reminiscent of a European villa, the six-bedroom, six-bathroom home with two garages was designed by prominent architect Andre Porebski and masterbuilt in the late 1980s.
The three-level home is surrounded by private tiered gardens and lawns, with an outdoor entertainment terrace and a sunny north-facing courtyard with a solar-heated pool.
The house has majestic proportions and a symmetrical design centred around a three-storey high elliptical reception hall with a domed ceiling.
The sweeping staircase is reminiscent of the circa 1830s Elizabeth Bay House, one of Sydney’s most admired heritage mansions.
On a 952sq m block, the home was built for the late real estate agent Andrew Gibbons, who hit financial difficulty soon after.
Restaurateur Oliver Shaul, most famous for opening The Summit restaurant on top of the Harry Seidler-designed Australia Square Tower, snapped it up in 1990 in a mortgagee sale.
The current owners, investment banker Peter St George and his wife Elizabeth, paid $4.025m in 1999 and have done several upgrades over the years.
Rubinstein’s “realistic benchmarks” strategy to create competition has been paying off.
Last week, he sold all four of the homes he had up for auction in one day — more than $20m worth of sales.
“All sold via negotiations with more than one buyer competing,” Rubinstein said.
“I think as a seller you take comfort knowing you explored true value of the asset if you have buyers competing for it.
“This in my view is the key to achieving a premium.”
Originally published as Bellevue Hill castle fit for a king sees ‘a lot of activity’ after price guide drops $7m with fresh agent
