Melbourne may see a house sell for $100 million,
Melbourne’s house price record could soon be surpassed. The Myer family is preparing to list their historic mansion, Cranlana.
This property is located in Toorak and could break the $100 million mark. Set on over 11,000 square meters,
the grand residence stands out as one of Melbourne’s finest homes. Its historical significance and size contribute to its potential value.
The original home at Cranlana was constructed around 1903. Businessman and philanthropist Sidney Myer purchased it in 1921.
Sidney Myer was the founder of Myer department stores, and he remodeled the house with his wife, Dame Merlyn Myer.
They made significant renovations to the home between 1929 and 1930, and additional updates occurred in later years.
Sidney Myer resided there until his death in 1934, while Dame Merlyn lived there until her passing in 1982.
After their time, the home was utilized for programs by the Cranlana Centre for Ethical Leadership.
It also hosted various philanthropic events and family celebrations over the years, maintaining its significance to the Myer family.
Now, it is set to be offered for sale by Myer Family Investments as the family continues to grow.
Receive the latest property news and advice directly in your inbox
“Cranlana has been a significant and cherished home for many generations of our family,” stated Sidney Myer, chairman of Myer Family Investments.
“Indeed, Cranlana holds important cultural and historic significance in Victoria,” he added.
“With over 100 years of family ownership, it’s time to pass the keys to a new owner and custodian.”
The home is listed on the Victorian Heritage Register due to its strong association with the Myer family.
Additionally, it is recognized for its outstanding landscape design, which enhances its historic value.
According to Heritage Victoria, the sunken formal garden is the finest in the state, established on land added in 1932.
Scott Keck, Tom Byrnes, and Patrick McNulty from Charter Keck Cramer are the transaction advisors handling the sale.
Meanwhile, Marshall White director Marcus Chiminello has been appointed to sell the property through expressions of interest.
“Cranlana is truly unparalleled in the Victorian property market,” Chiminello remarked.
“Once-in-a-generation opportunities like this create their own market. We expect interest from local, national, and international buyers.”
The residence is located among Melbourne’s top homes, including Coonac estate owned by Paul Little and Jane Hansen.
It is also near the Pratt Family’s Raheen mansion in Kew and Lindsay Fox’s Toorak home.
Furthermore, property developer Harry Stamoulis owns a home on St Georges Road, adding to the prestigious neighborhood.
Melbourne’s current house price record is $80 million, set by entrepreneur Ed Craven for a St Georges Road knockdown.
Experts believe it may take time to find the right buyer willing to undertake the necessary renovations within heritage requirements.
Buyer’s agent David Morrell mentioned that at the very top of Melbourne’s market, “the air gets thinner.”
“We have clients willing to pay $100 million for a property, but will they pay it for this one?” he questioned.
Given the amount of work required, he expressed skepticism about achieving that price.
