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.

Alexander Phillips has unveiled his first newly launched trophy campaign since establishing Ray White Phillips & Co, with the landmark Randwick estate Earlswood being offered with a guide of $10.5 million.

The listing is an early statement for Phillips’ new Woollahra-based agency. Less than a month after opening, Ray White Phillips & Co had already secured more than $30 million across a series of booked auction campaigns, including the $9 million sale of 92 Ocean Street, Bondi, and sales in Waverley, Bronte, Clovelly, Paddington and Coogee.

Phillips also recently sold 9 Kenneth Street, Tamarama, for $20.25 million, the highest reported Eastern Beaches sale of 2026.

The latest addition to the agency’s books is one of the eastern suburbs’ more distinctive estates.

Occupying 778 sqm at 54 Dutruc Street, Earlswood pairs a restored Victorian Italianate manor with an adjoining two-storey contemporary residence designed by X-PACE Design Group.

The original home was built in 1891 and is a locally listed heritage residence within Randwick’s St Marks conservation area. Its restoration retains much of the formality and detail expected of a grand Victorian property, including a substantial entrance foyer, frescoes by Augusto Lorenzini, four-metre ceilings, marble fireplaces and a series of reception and entertaining rooms.

Four king-sized bedrooms are arranged on one level, while an attic retreat captures views towards the ocean. More recent additions include a custom kitchen with Gaggenau appliances, a butler’s pantry, Spotted Gum floors and ducted air-conditioning.

Next door, the second residence takes a distinctly contemporary approach. Off-form concrete, wide oak floorboards and clean architectural lines establish a deliberate contrast with the ornate historic manor.

The modern home contains three upper-level ensuite bedrooms, two living areas, a designer kitchen, courtyard and north-facing rooftop terrace. Villeroy & Boch-appointed terrazzo bathrooms and Italian lighting continue the detailed finish found throughout the estate.

Although architecturally different, the two homes have been designed to operate together or independently. Each has its own entrance, while both connect to a four-car basement containing a vehicle turntable, wine cellar and internal lift access.

The configuration lends itself to multigenerational living, accommodation for adult children or extended family, or a principal residence with a separate income-producing home. The properties have also been prepared for possible future title subdivision, subject to council approval.

The estate spans approximately 717sqm of internal floor area and has a 39-metre frontage to Rae Street, as well as landscaped gardens and dual-street access. It last changed hands for $10.75 million in November 2023, according to publicly available property records.

Earlswood arrives as Phillips begins the next phase of a 24-year career in Sydney’s eastern suburbs. He has been ranked among Australia’s leading residential agents for more than a decade, with his team reported to transact more than $1 billion in property annually across more than 400 clients.

Phillips said his decision to launch Ray White Phillips & Co was driven by the industry’s increasing reliance on technology, data and network reach, while maintaining his team’s focus on the eastern suburbs.

For Ray White, Earlswood provides an appropriately high-profile introduction to its newest prestige operation: a rare dual-residence property that offers both a carefully preserved piece of Randwick’s history and a markedly contemporary way of living.

Earlswood at 54 Dutruc Street, Randwick, is being marketed by Alexander Phillips of Ray White Phillips & Co through expressions of interest closing November 5.

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.

Restored Victorian Italianate manor Earlswood combines two substantial residences on 778sqm and leads the prestige offering from the newly established Ray White Phillips & Co.