Fixer-upper fetches $40 million-plus, smashing the bayside house price record

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The Brighton house price record has been smashed with a $40 million-plus sale more than a year in the making – and the new owners may need even deeper pockets.

Beachfront compound Teychel was listed with a price guide of $39.9 million to $43.89 million. It sold within that range, according to two sources who were not authorised to speak publicly.

Set on an oversized block of 4500 square metres, the Moule Avenue residence – which has only had two owners in its history – was advertised as an opportunity to renovate or knock down and rebuild.

It was last renovated in the 1970s and comes with bay views, a housekeeper’s cottage, a swimming pool and tennis court, landscaped gardens, a study and a French-inspired sitting room.

When it first hit the market last spring, it had a price guide of $46 million to $50 million.

Agents on the listing were Kay & Burton’s Ross Savas, Alex Schiavo and Jamie Mi.

The Moule Avenue residence has scope to renovate or rebuild.Credit: Kay & Burton

“It is a very strong result for Brighton,” Mi said.

“We don’t know whether the buyer is going to develop a project or build a trophy home. Either way, it will be a trophy.”

She remained tight-lipped as to the price and the identity of the buyer. The price will become public at settlement.

But a caveat was slapped on the title on Monday citing a purchasers’ contract, public records show. The buyer is listed as corporate entity Finkland Pty Ltd. Finkland is owned by Anita Paterson and directed by John Troiano, who is managing director of Cinque Property Group. Paterson is a shareholder in entity Cinque One, of which Troiano is a director.

When Cinque Property Group was contacted by this masthead, Troiano was unable to comment.

The house last traded in 1971 to property developer Bruce Terry, and public records show the home was the deceased estate of the late Judith Terry.

Brighton’s previous house price record was $31.6 million for the stunning waterfront residence at 39 Seacombe Grove, sold in 2022 by the estate of Beverley Barlow, who was a co-owner of the 7-Eleven empire.

Brighton’s median house price is $3,072,500 as of the September quarter, according to Domain data.

The oversized block is set on the beachfront.Credit: Kay & Burton

The Moule Avenue sale is in the upper echelons of Melbourne’s property market.

Melbourne’s house price record was set last year just above $80 million for a knockdown on Toorak’s sought-after St Georges Road. Another home on the street fetched just shy of $75 million at a similar time.

This year the Toorak estate of Ron Walker sold after being advertised for $55 million to $60 million, and Hawthorn’s Avon Court fetched $41 million.

Other standout sales in recent years include Malvern’s Stonington mansion for $52.5 million in 2018, a $43.1 million Toorak sale by Chemist Warehouse owner Sam Gance, and former Australia Post boss Ahmed Fahour’s $40.5 million Hawthorn sale.

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