Pharma billionaire Dennis Bastas and his wife Gina have paid a record $136.1 million for a combined Toorak estate, securing what is now Australia’s most expensive residential landholding.
The purchase brings together the landmark Italianate mansion Coonac and an adjoining apartment block in Melbourne’s elite Clendon Road precinct, forming a single expanded property portfolio in the suburb.
The Coonac title settled at $124 million, while the neighbouring 1950s apartment block sold for $12.1 million, with both properties now registered under Georgina Bastas.
The deal surpasses the previous national house price record of $130 million, held by two Sydney Point Piper estates.
The Bastas’ are also planning a $38.5 million renovation of the 1897-built mansion, bringing their total investment in the site to about $174.6 million.
Coonac sits on 1.08 hectares of land featuring a pool, cabana, tennis court and landscaped gardens, with a 200-metre frontage on Clendon Road. The addition of the adjoining block extends the holding to almost 1.2 hectares.
Industry sources said the combined transaction was handled by Kay & Burton agents Ross Savas and Gerald Delany, who declined to comment.
The deal also marks Victoria’s first residential sale to surpass $100 million, overtaking Melbourne’s previous record of $80 million set in 2022.
Source: AFR.
