‘Stalactites’ restaurant owners sell Toorak house for close to $10m

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The owners behind famous Melbourne Greek restaurant Stalactites have sold their prestigious Toorak pad for close to $10m. 

Nicole Papasavas and Lazaros Papasavas sold the house on June 11 for more than the listed price of $9m-$9.9m after overseas buyers flooded RT Edgar agent Max Ruttner with inquiries. 

Mr. Ruttner says Chinese owners were particularly interested in the property because “the number eight in their culture means prosperity”.

They lived lavishly in the three-level home designed by award-winning Australian Rob Mills and treated themselves to a marble-lined gas fireplace, a self-cleaning ionised pool, a butler’s pantry, and private gym, before deciding to upsize.

The couple built the house on the 535sq metre block on 8 Irving Road around 2017 but sold the luxury four-bedroom residence to upsize for their two growing kids. 

Nicole and Lazaros Papasavas own the Papasavas Group that runs Stalactites which has been open for customers in Melbourne’s CBD for 43 years. 

The couple are moguls in Australia’s hospitality industry, co-buying the Emporium and Fitzroy locations of fast-casual food chain Jimmy Grants and expanding Stalactites into casual offshoot Hella Good. 

Source: RealEstate.com

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