Revealed: A $70m "fixer upper" in one of Australia's richest suburbs

The mid-century mansion at 38 Vaucluse Rd might not have the same street presence as its glamorous neighbours, but the $70m “fixer upper” still has all the right ingredients to be an enviable eastern suburbs estate.

If the old adage is true – and it’s all about location – then this 1400sq m dual access parcel with postcard views of the Harbour City’s heavy-hitter icons actually has it all.

With the Harbour Bridge and Opera House at centre stage, the outlook propels the listing into its multi-million dollar category, but the owners are also a talking point.

The original five-bedroom residence has been the home of 98-year-old philanthropist Isaac Wakil and his late wife, Susan, for the past 65 years.

Although the perfectly positioned Vaucluse home with the hefty price tag is impressive enough, the one-time high society couple have a history of making headlines with their rundown, yet eye-watering, portfolio.

For decades, the duo held onto several abandoned, but enviably placed properties, including the iconic Griffiths Teas building in Surry Hills and the Terminus Hotel in Pyrmont.

After building their wealth in the garment industry and then property, the pair, who had no children, began selling off their real estate in 2014. The huge cache of properties earned more than $200m, which all went to charity.

They donated millions to The Art Gallery of NSW, Opera Australia, St Vincent’s Hospital and the Sydney Jewish Museum. In 2016, the couple handed a record $35 million to The University of Sydney through the Susan and Isaac Wakil Foundation.

With their Vaucluse residence expected to be a “knockdown”, it could be the most expensive “land” sale in Sydney.

Despite predictions it could be bulldozed, the listing through Ray White Double Bay’s Elliott Placks and Riki Tawhara, depicts “grand interiors waiting modern refurbishment” and describes the homes as offering “character of a bygone era”.

As is, the unique two-storey house has a ground floor dedicated to everyday living and entertaining with a full-width balcony capturing the show-stopping outlook, a formal dining room, library, office, and three bedrooms, including a main with the landmark view and an ensuite.

The same level also houses two full bathrooms, a powder room and a garage.

Downstairs, there is an original kitchen and vast rumpus room with a bar and French doors opening onto a grand terrace, a level lawn with established palm trees, and a huge swimming pool facing the sweeping harbour panorama.

The property, which also has access to Carrara Rd, has two more lock-up garages below and is close to Hermitage Foreshore track, harbour beaches, and Kambala School.

Listed with Elliott Placks and Riki Tawhara of Ray White Double Bay, inspections for 38 Vaucluse Rd, Vaucluse are by pre-arranged private appointment.

As local legend has it, retired Colonel William Farrell Commanding Officer of the first infantry regiment, stood on the balcony of his new Randwick residence back in 1906 and watched his soldiers parade by, saluting his honour.

Today, more than a century later, Swan Isle itself deserves a salute as it remains one of Sydney’s most meticulously maintained heritage addresses.

The 1349sq m estate in Randwick made an appearance on the market in early 2024, at the time asking $20m – a figure that would have eclipsed the suburb price record of $14.35 million set that same year.

Ray White Double Bay’s Kate Smith, and principal Elliott Placks, have brought the palatial seven-bedroom home back to market with a new campaign and an amended guide of $14 million.

The $6 million price correction may seem significant, but the eastern suburbs’ prestige property scene evidently sets its own pace.

Just last week the period residential estate Iona in Darlinghurst – once owned by Hollywood elite Baz Luhrman and Catherine Martin – sold for top dollar after an apparent $13 million “discount”.

That heritage estate had been marketed unsuccessfully in 2024 with a $40 million guide, was then slashed to $27 million at the start of this month, but sold in just 12 days for $37.5 million.

Since Swan Isle last sold in 2002 for $2.02 million, the two-storey home at 87 – 89 Darley Rd has been lovingly restored by the current owners and retired hoteliers, Robert and Mary Lou Richards.

The Richards were the publicans of The Strand, in Darlinghurst in 1992 and the Rocksia in Rockdale between 2012 and 2020.

After Colonel Farrell and his wife Frances raised five children at the historic home, the property was later used by St Jude’s Anglican Church for monthly services.

By the mid-20th century it became a private hotel and was then returned to private hands in 1960.

Inside, the stately residence expertly balances period charm and contemporary convenience with formal and casual living rooms featuring high ornate ceilings, chandeliers, polished timber floors and intricate lead light windows.

There are also original fireplaces and bespoke joinery that has been crafted to suit the home’s Victorian past, while modern upgrades include a modern kitchen with stone surfaces, Ilve and Miele dishwasher and a butler’s pantry.

All seven bedrooms are spread across both levels, plus two of the four bathrooms have elegant freestanding tubs and dual vanities.

In addition to multiple entertainment spaces downstairs, the upper floor houses a study, media room, billiards room and several balconies capturing panoramic views of Centennial Parklands and the city skyline.

Outside, the expansive grounds are home to manicured gardens befitting the romantic era, and more 21st century inclusions such as a barbecue area, a heated swimming pool, and a self-contained pool house that doubles as a studio.

The block has dual street access with Huddart Lane and there is an automated four-car garage with ample storage.

Swan Isle is close to Royal Randwick Racecourse, Allianz Stadium, Moore Park Golf Course, the Entertainment Quarter and the SCG.

Swan Isle at 87-89 Darley Rd, Randwick is listed with Kate Smith and Elliott Placks of Ray White Double Bay. It is listed via private treaty with a $14 million price guide.

Revealed: A $70m “fixer upper” in one of Australia’s richest suburbs

A once-grand Vaucluse estate with knockout harbour views and a legacy as remarkable as its outlook hits the market for $70 million.

Randwick’s Swan Isle is a meticulously restored heritage estate. With a $14 million guide, the palatial residence blends Victorian grandeur with modern luxury.