A KEW mansion connected to colourful Melbourne identity Mick Gatto could become a $10 million-plus “bargain”.
While the seven-bedroom house on 2836sq m at 867 Glenferrie Rd, Kew, has a $10 million-$11 million asking price, those figures are well below a $14 million offer rejected earlier this year.
Savills Melbourne’s Clinton Baxter confirmed the 1880s-built home and one-time wedding venue known as Butleigh Wootton was now being sold by its mortgagee, and that CAG Company Pty Ltd had placed a caveat against it.
The company, in the name of Gatto’s wife Cheryle Ann Gatto, placed the caveat in May last year.
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However Mr Baxter said this had not perturbed buyers, as the property would be sold with a clear title at settlement.
“If there’s any money owing, that will be sorted out. It’s a legal requirement to have those (caveats) withdrawn before being able to settle,” he said.
“(And) we have had great interest in the property, the phone’s have been running hot.”
Mr Baxter said the property would be a bargain if sold within its $10 million-$11 million price range.
“This is a prized property in Kew and … for what you get at $10 million, it’s a bargain,” he said.
The house last changed hands for $11.3 million in 2016, when it sold to the business Skyman International, controlled by Maria Liapis.
While the asking price might seem high, it is well below two offers made earlier this year, according to its prior listing agent.
RT Edgar Boroondara director Toni El-Helou said he had first secured a buyer at $13 million in January, but the buyer pulled out two days later for undisclosed reasons — within the standard three-day cooling off period for private treaty sales.
A second deal at $14 million was secured in February and would have added a neighbouring home to create a $17.7 million package deal.
“They thought they had a sale,” Mr El-Helou said.
But the deal was rejected by the vendor’s lender, Westpac Bank, with a proposed nine-month settlement period the stumbling block, according to Mr El-Helou.
Mr Baxter said Westpac Bank had now taken control of the sale as the mortgagee.
“We receive informal offers on the 21st of March and then we will be instructed as to whether we accept the highest offer or negotiate,” he said.
Mr Baxter said the recent $52.5 million sale of Stonington Mansion in Malvern revealed the level of buyer appetite for high-priced landmark properties in the area.
He said they had received interest from local and international buyers, and could envisage a deal being signed to a party based in Asia.
“We have had people flying in from China and Hong Kong and there’s obviously a lot of local interest as well,” Mr Baxter said.
There was scope for a buyer to add modern elements to the home’s impressive list of period details to create an impressive blend of past and present, he added.
Chandeliers, decorative cornices, fireplaces and sweeping staircases all feature throughout the home.
It could also be returned to its past use as a reception centre.
An array of Melbourne’s most sought-after schools are close at hand, as are shops and eateries.
Mr Baxter said that the property was being sold by itself and there wasn’t scope for neighbouring homes to be added to the deal.
An expressions of interest campaign ends on March 21 at 2pm.