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.
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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.
The 1860s Darlinghurst mansion Stoneleigh could become Sydney’s most expensive home ever sold under the hammer when it goes to auction. Clint Ballard is giving buyers a $28 million guide for the heritage-listed mansion on Darley Street, opposite Iona, the former home of Hollywood royalty Baz Luhrmann. Stoneleigh is being offered for sale for the …
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The 1860s Darlinghurst mansion Stoneleigh could become Sydney’s most expensive home ever sold under the hammer when it goes to auction.
Clint Ballard is giving buyers a $28 million guide for the heritage-listed mansion on Darley Street, opposite Iona, the former home of Hollywood royalty Baz Luhrmann.
Stoneleigh is being offered for sale for the first time in 36 years. The home is owned by jeweller Vanessa Wong, who took the keys in 2016, after the Wong family paid $3.18 million in 1990. Wong renovated the home shortly after taking ownership, adding a pool to its 650 sqm grounds.
A Landmark on the Heritage Register
‘Stoneleigh’ is recognised on the NSW State Heritage Register for its architectural elegance and historical significance, and remains a defining presence within the tightly held Darlinghurst Ridge heritage precinct, an enclave prized for its concentration of intact colonial and Victorian-era residences just minutes from the CBD.
While the bones of the home date to 1860, its current form reflects a considered architectural transformation by Brian Hess, with landscaping by Dangar Barin Smith, that reconciles the villa’s historic fabric with the demands of contemporary living.
Stoneleigh was added to the State Heritage Register in 1999. It features a hipped corrugated steel roof, a bank of 12 paned timber framed double hung windows to the first floor, and arched colonnade to the ground floor, all set behind a Victorian cast iron palisade fence and colonnade extends around one side of the building.
Two of its previous owners have included Richard Jones, who was Chairman of the Commercial Banking Company of Sydney and the founder of the Maitland Mercury newspaper. He owned the home for around two decades from 1870. From the mid-1890s, J. Russell French, who was General Manager of the Bank of New South Wales, had the keys.
Grand Interiors, Resort-Style Grounds
Inside, the home unfolds across multiple levels, anchored by a statement marble kitchen with integrated dining that flows into expansive formal and informal living zones. These spaces open out to a private terrace and tropical gardens, blurring the line between indoor and outdoor living in a way that’s become the calling card of Sydney’s top-tier renovations.
The outdoor offering is a standout in its own right: a 3-metre-deep mineral pool with geothermal heating anchors a resort-style entertaining garden designed for year-round use, an increasingly sought-after feature among buyers at the top of the market.
Accommodation is generous with six bedrooms in total. There are two master suites, including a primary retreat built around a Japanese Hinoki bath, along with additional bedrooms, terraces and substantial storage, a rare inclusion in an inner-city heritage home of this era.
Finishes throughout run to French Oak flooring, hand-applied Marrakech plaster walls, bespoke lighting by Michael Anastassiades and a Stuv fireplace, all supported by advanced geothermal climate control, ducted air conditioning and a full security system. A cellar on the lower ground floor houses a functioning heritage well, a genuinely rare survivor that underscores just how much of the property’s 19th-century character has been preserved.
Perhaps most notably for an inner-city heritage property, ‘Stoneleigh’ offers secure parking for up to five vehicles, a feature agents will no doubt lean on heavily, given how scarce multi-car garaging is within walking distance of the city.
Key Features
- Architecturally redesigned by Brian Hess with landscaping by Dangar Barin Smith
- Landmark c.1860 Victorian Regency residence with a refined contemporary transformation
- Resort-style outdoor living with mineral pool, geothermal heating and tropical gardens
- Designer marble kitchen with integrated dining and Sub-Zero, Wolf and Miele appliances
- Multiple formal and informal living zones flowing to an outdoor entertaining terrace
- Two master suites, including a primary retreat with a Japanese Hinoki bath, plus additional bedrooms
- French Oak flooring, Marrakech plaster finishes and bespoke lighting throughout
- Advanced geothermal heating/cooling, ducted air conditioning and full security system
- Stuv fireplace, Michael Anastassiades lighting, retractable awnings
- Secure parking for up to five vehicles — a rare inner-city offering
- Level walk to fine dining, bars, cafes and train stations; 2km to the CBD
- Moments from some of Sydney’s finest schools, including Ascham, SCEGGS and Sydney Grammar
A New Record?
The highest price ever paid for a residential house sold under the hammer in Sydney is $24.6 million, for a home in Vaucluse in September 2020.
Bidding opened at $13 million for the 1,085-square-metre block against an $11 million price guide, and the hammer fell at $24.6 million — well above the $14 million reserve. A young Australian-Chinese couple who’d never bid at auction before walkedaway with the keys. That result broke the previous auction record of $23 million, set by media scion Lachlan Murdoch’s purchase of the Bellevue Hill mansion “Le Manoir” in 2009.
Late last year, Iona, across the road from Stoneleigh, sold by private treaty for $37.5 million. It was bought by Bryant Stokes, son of the billionaire Channel 7 chairman Kerry Stokes, and his wife Dominique. It was sold by investment banker Tim Eustace and his partner Salvador Panui, who bought it from film director Baz Luhrmann for $16 million in 2015.
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