Residential mansion sets record

A mansion hidden in the leafy suburb of Toorak in Melbourne’s inner east has set a Victorian record after it was sold for more than $20 million.

The previous owner, Pacific Dunlop’s chief executive Phillip Brass, bought the home in 1991 for just $2 million.

The sale means Mr Brass made more than $1 million on the property for every year he lived in it.

While the two level, six bedroom residence sold for well below the Australian record of $45 million, the listing agent Kay & Burton confirmed the sale had set a record for Victoria and was within the owner’s price expectations.

Kay & Burton managing director Michael Gibson told The Australian Financial Review that the sale proved there was a lot of interest in the top end of the market.

Victoria’s previous record for a freestanding house was $17.75 million.