750 Orrong Road, Toorak.After more than a year on the market, the Smorgon family’s Toorak mansion finally has a buyer with a spare $20 million to splash.
The prestige address, owned by prominent couple Norman and Tania Smorgon, had been on and off the market for over a year and at one stage sparked expectations of a residential price record.
The six bedroom 1920s home, set on 5500 square metres with lush gardens at 750 Orrong Road, has sold to a local family who lives just a few kilometres away.
Early in the campaign speculation swirled that it could achieve a price of $25 million, which would have smashed the metro benchmark of $24 million set by the 2010 sale of the Baillieu mansion in Toorak to beverages and property baron Harry Stamoulis.
Marshall White director Marcus Chiminello, who took over the campaign this year, confirmed the Smorgon home fetched in the vicinity of $20 million last weekend.
Mr Chiminello said there had also been interest from two developers; one who wanted to knock down the estate to build a new home and another looking to subdivide the land.
But a family who loved the gardens and the seclusion of the trophy home prevailed after three inspections over just a fortnight, he said.
The Smorgons bought the property for $3.05 million in 1995 and undertook extensive renovations in 1997 and 1998 to transform the home into one of the leafy east’s most lavish addresses.
The home was first listed in October 2013 and the Smorgons were patient – but optimistic – about securing a sale.
Ms Smorgon told Domainin March that there were not an abundance of buyers at that level but she was sure the right one would come along.
Now they have sold, the couple are planning to downsize.
The Smorgons are one of Australia’s richest families and heavily involved in charitable ventures.
Mr Smorgon is the boss of Escor, a privately owned company that manages the family’s interests across philanthropy, investment and property.
This story Administrator ready to work first appeared on Nanjing Night Net.