15B Coolong Road, Vaucluse, has sold for $17.5m.
A Vaucluse waterfront — in the same family for 58 years and right next door to Menulog founder Leon Kamenov’s $80m development site — has sold overnight for a huge price.
And the buyer, who paid $17.5m for 15B Coolong Road, wasn’t who you might expect.
Ray White Double Bay agent Adam Reichman, who had the 1966-built four-bedroom home of the Foulsham family listed with his principal Elliott Placks in conjunction with Michael Pallier of Sotheby’s, has confirmed exclusively to the Wentworth Courier that the buyer wasn’t Kamenov.
“Leon has enough on his plate … he didn’t want any more complications,” Reichman said.
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The four-bedroom home was built in 1966.
The battle-axe block is right next door to Leon Kamenov’s $80m block, now a construction site.
“The property was purchased by an eastern suburbs family for $17.5m last night.
“They were looking for an opportunity to capitalise on an amazing northeast-facing block of land on one of Sydney’s best streets.”
Reichman said negotiations for the sale of the home, first listed two-and-a-half years ago with a $20m guide, had come to head after two separate purchasers put forward offers.
“The owners wanted to bring it on before Christmas and two buyers put their best foot forward,” he said.
“Expats are moving back to Australia and buying property.
But don’t expect the existing home to stay on the block too long.
“High-end homes and luxury are extremely sought after at the moment, especially waterfronts.”
Reichman wasn’t able to reveal the identity of the purchaser of the old home on its 771sqm block.
When the property was first listed in May, 2018, the Foulshams probably expected Kamenov to pounce on it — after all, he’d been keen on their battle-axe block in 2016 when he’d negotiated the $79.7m purchase of four titles.
The Foulshams had refused to sell back then, but changed their mind in 2018.
Two buyers have been negotiating to buy the home.
By then, the wealthy Russian immigrant’s plans for his new waterfront mansion — now under construction — were well underway, even though the first development application was rejected in the Land and Environment Court.
The Tanner Kibble Denton Architects residence, on what’s now a 4100sqm block, is expected to cost more than $10m.
It will have a range of living areas, a gym, pool, separate guest suite, cinema and garaging.
The plans were later approved by Woollahra Council after some modifications.
Completion is still at least a year away.
