$50million Sydney mansion Idlemere in Lavender Bay hits the market

Sydney’s iconic Idlemere mansion – built in 1880 – is on the market for the first time in more than two decades, with an asking price between $45 million and $50 million.

But with the fate of the high-end market unknown next year, the wealthiest real estate owners are confused, and waterfront Lavender Bay ownership carries a lot on its shoulders.

As the end of the year approaches after a bumpy start to the spring sales season, Idlemere carries the hopes and expectations of the entire prestigious property market, which is struggling with falling prices and a lack of availability.

While trophy homes aren’t selling at the price they were at the start of the year, they aren’t declining as fast as the rest of the market.

The real pressure is the lack of available homes in the $20 million and up range, with a buyer’s agent saying, “People only sell when they’re one of the three D’s: death, divorce, or downsizing.”

“And the knock-on effect of that is that there is nothing for downsizers to buy, which further hampers the market,” SydneySlice’s Deb West told the Sydney Morning Herald.

That’s why selling Idlemere is so important to the prestige market. If it stands its ground and gets what it is expected to sell for, it will encourage others to sell too.

Ms. West said some buyers have been looking for a purchase worth more than $20 million for more than two years.

Many high end sales are reportedly done behind closed doors, as there are more buyers with the money than sellers with the homes.

Kerry and Greg Paramor bought five-bedroom, five-bathroom Idlemere in late 2001 for $7.25 million.

Ever since the Paramors bought a penthouse in suburban Darlinghurst for $10.5 million last July, agents have been eager to get the contract to sell the 1,400-square-foot North Shore mansion.

The sale was launched Thursday by the agency Alison Coopes, with a December 6 deadline for expressions of interest.

Overlooking the Harbor Bridge, Idlemere has a 30m harbor front with a boat shed, self-contained guest accommodations, jetty and private beach.

Idlemere has a self-contained boathouse (pictured) as part of the 1,400-square-foot property

The home in Lavender Bay in Sydney’s chic lower north coast comes with a 1,260-bottle wine cellar

Not only is it a trophy house with an award to match, it is also steeped in Australian history and once had to be saved from wrecking ball by the NSW government.

Big money sports fans will be happy to learn that the ground floor was rented by cricket legend Don Bradman in the early 1930s.

However, the house nearly came to an end in 1984, when a syndicate filed plans to replace it with a block of eight apartments spread over four floors.

But Bob Carr, the then NSW Environment Minister who later became Prime Minister, issued a conservation order on the property.

Those in doubt about whether or not to sell their high-end property will be watching closely over the coming weeks to see how Idlemere fares and whether it is getting the price it expects.

Idlemere, which comes with five bedrooms and five bathrooms (pictured), was rescued from wrecking ball by the NSW government in 1984

The current owners, Kerry and Greg Paramor, bought the mansion in late 2001 for $7.25 million