Palm Beach Waterfront Mansion Sells For $25M

16/05/2012 2:38 pm


Location: Exclusive Australian Beachside suburb of Palm Beach, an hour up the coast of Sydney. Many celebrities and Australian CEO’s choose Palm Beach for their second home destination, including Nicole Kidman.

Price: $25,000,000

Scope: A Sydney residential price record for 2012 was set last month with the sale of Kalua, the largest and most prestigious property at Palm Beach. Details surrounding the sale remain confidential, but the 59,201-square-feet beachfront estate is understood to have sold for close to $25 million listed price. Considered the jewel in the crown of Sydney’s exclusive Northern Beaches. In its secluded grounds are a five-bedroom, six-bathroom, plantation-style residence, a three-bedroom guest house, a self-contained cabana, a swimming pool and a tennis court. Kalua has been on the market since last September, when businessman Ian Joye listed it at more than $25 million. In order to attract buyers, he offered the property with 60 per cent vendor finance on the purchase price. During Palm Beach's peak social season of Christmas-New Year (summer Down Under), Mr Joye has rented out Kalua for up to $40,000 a week to high-profile tenants, including actors Nicole Kidman and John Cleese, and mini media mogul James Murdoch. He rejected a $30 million offer for Kalua several years ago when the property was not for sale. Mr Joye now lives in Hawaii for most of the year.