Historic landmark mansion sold $52.5m suspected offshore Chinese buyer

A historic Melbourne mansion that was once Victoria’s Government House and the home to governors has changed hands for $52.5 million, smashing the state’s residential price record.

Art dealer Rod Menzies has sold Stonington mansion at 336 Glenferrie Road in the prestigious southeastern suburb of Malvern, public records show.

The buyer is listed as the company JJH & Co, which is directed by Xiao Cao, who in media reports today was suggested to be an accountant representing an undisclosed party.

Mr Menzies has been contacted for comment. Former Marshall White agent Sean Cussell is understood to have sold the home and declined to comment when contacted by The Australian.

Prestige real estate agents in the city’s leafy southeast raised eyebrows at the size of the deal, suggesting the buyer was an offshore Chinese purchaser who had also bought the Noorilim Estate in regional Victoria — although a caveat or title documents have yet to be lodged.

The grand Malvern home, built in 1890, was bought by Mr Menzies for $17.5 million in 2008, records show.

Stonington became the home of Victoria’s governor in 1901 before being purchased by the state in 1928 and served as the state’s Government House until 1931. It has also been a girl’s school, hospital and teachers’ college.

The price paid is substantially higher than the last Victorian record, where mystery Chinese buyer Qi Yang placed a caveat on former Mirvac director Marina Darling’s Toorak mansion for close to $40m last year.

Before, the state record had been Daniel and Danielle Besen’s Toorak residence which sold for $26.25m.

The collection of six grand Toorak homes at Evans Court Estate is on the market with hopes of $45.5m to $50m.

Source: https://www.theaustralian.com.au/business/property/melbourne-mansion-changes-hands-for-recordbreaking-525m/news-story/f94bedbaaf57507b012256df39926f40

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