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.
2 min
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.
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4 min
Toorak’s reputation has been built on grand estates, tightly held boulevards and some of Melbourne’s most valuable residential land. Yet one of its rarest attributes is largely hidden from the street: direct frontage to the Yarra River.
Although the river traces much of Toorak’s northern boundary, just over 20 homes in the blue-chip suburb are believed to border the water—and fewer still provide genuine river access. There is no definitive public register of Toorak homes with private jetties, but prestige agents have consistently described them as only a handful.
It is rare, then, for a property offering both river frontage and direct water access to become available in Melbourne’s so-called billionaire’s playground. The newly built Solara on Orrong Road presents precisely that opportunity.
Set on approximately 1,129sqm, the five-bedroom residence descends towards the river, culminating in a private, double-tiered jetty. Here, the Yarra is more than a distant outlook: it becomes part of daily life, offering a place to launch a boat, relax beside the water or travel towards the city from home.
That distinction is significant in Toorak. Many of the suburb’s finest properties offer scale, security and architectural pedigree, but very few combine all three with direct access to the river.
Architecture shaped by the site
Designed by Melbourne studio Alta and constructed by EASTON, Solara has been conceived as a series of interconnected levels descending towards the Yarra.
Rather than presenting as a single imposing volume, the house responds to its sloping site through stepped terraces, landscaped outdoor areas and large expanses of glazing. The architecture gradually reveals the water, drawing the eye through the interior and towards the river below.
The design has earned Solara a nomination in the 2026 Master Builders Excellence in Housing Awards.
Inside, a restrained material palette allows texture, proportion and natural light to carry the design. Stone, timber, glass and finely detailed joinery establish a sense of permanence without overwhelming the river setting.
The principal living area is arranged beneath a dramatic double-height ceiling, giving the room the scale expected of a major Toorak residence while maintaining a strong connection to the garden and water.
Full-height glazing opens the house to its outlook, while multiple living and entertaining spaces allow the property to transition between intimate family use and larger gatherings.
A private resort beside the Yarra
Solara’s principal living spaces open onto an expansive river-facing terrace containing a swimming pool and spa.
The outdoor area has been positioned to take advantage of both the northern light and the relative seclusion of the riverbank. Mature landscaping provides another layer of privacy, softening the architecture and creating the atmosphere of a private resort.
Below, the grounds continue towards the double-tiered jetty.
The residence also incorporates a dedicated wellness area and gym, reinforcing the sense that the home has been designed to provide a complete lifestyle within its boundaries.
Its accommodation includes five bedrooms and six bathrooms, with the principal suite occupying a private domain of its own. The house also provides garaging for four cars—an important consideration in a property of this scale.
Across the residence, the emphasis is less on overt decoration than on volume, outlook and craftsmanship. Sightlines have been carefully managed so that the river is encountered repeatedly, rather than being confined to a single formal room.
A different expression of Toorak prestige
Toorak’s luxury market is often associated with historic mansions and large European-inspired estates. Solara represents a more contemporary interpretation of the suburb: architecturally ambitious, highly private and organised around lifestyle rather than formality.
Its position also places it within a particularly scarce segment of the market.
Riverfront homes have previously appeared along addresses including St Georges Road and Edzell Avenue, although they tend to remain in the same ownership for long periods. Even among these properties, private jetties and convenient access to the water are not universal.
That scarcity separates Solara from other prestige homes that may offer river views without actually reaching the river.
For buyers operating at the upper end of Melbourne’s residential market, the value proposition is therefore not simply the size of the house or its list of amenities. It is the combination of new architecture, substantial land, resort facilities and an attribute that cannot readily be recreated: private access to the Yarra from Toorak.
Solara is being marketed with a guide of $16.8 million to $18.3 million through Jamie Mi of Kay & Burton.
Property snapshot
Address: 803 Orrong Road, Toorak, Victoria
Guide: $16.8 million–$18.3 million
Agent: Kay & Burton agent Jamie Mi
Land: Approximately 1,129sqm
Accommodation: Five bedrooms, six bathrooms and four-car accommodation
Design: Alta
Builder: EASTON
Key features: Private jetty, direct river access, gym, indoor spa and double-height living volume
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