Fashion heiress and her developer partner are dealt huge $5million blow
The owners of a luxurious, award-winning home had to settle for less than the asking price after it first came on the market a year ago.
The massive six-bedroom mansion, just meters from Bronte Beach, in Sydney’s eastern suburbs, was listed for sale last October for $30 million.
However, property developer Andrew Podgornik and his wife Chloe, daughter of former Just Jeans boss Craig Kimberley, sold the house last week for just $25 million.
The couple purchased the property in 2008 for just $7.44 million and commissioned the late architect Nick Murcutt and his wife Rachel Neeson to build their dream home.
After demolishing the original cottage, Mr Murcutt designed the pavilion-style house to be ‘engulfed’ by gardens with juxtaposed concrete exteriors.
The architect sadly passed away in 2011 after a nine-month battle with lung cancer, before completing one of his last projects in 2017.
It was NSW’s Best New Residential Property at the 2018 Houses Award and was shortlisted for the Australian Institute of Architects National Award.
Despite its prices and proximity to the beach and shops, the property failed to garner enough support last year with its massive $30 million price tag.
An award-winning home just meters from Bronte Beach in Sydney’s eastern suburbs (pictured) has sold for $5 million less than the asking price when it hit the market last October
The $30 million would have broken Bronte’s house price record, set last year by a similar six-bedroom ‘trophy house’ just around the corner.
However, the house didn’t make it past initial negotiations and was just purchased for a discounted price by CrEight owner and creative director Nadia Jacob. Domain reported.
Selling agent Simon Exleton said there was a ‘tidal wave of momentum’ for the property when it first came onto the market.
“There have been a number of contracts put out … all from local extended families or people who want to build themselves or buy the finished product from someone else,” he said.
Ms Jacob, a property designer turned developer, has spent the past two decades building her portfolio flip houses in the eastern suburbs.
The house did not pass initial negotiations last year and was purchased at a reduced price by owner and creative director of CrEight Nadia Jacob (photo)
The six-bedroom mansion (pictured) was one of architect Nick Murcutt’s last projects before his death in 2011 after a nine-month battle with lung cancer
Ms Jacob recently sold her Notts Avenue apartment, a stone’s throw from Bondi Beach, for around $9 million.
Rumor has it that her penthouse on the same block, shared with support work platform Mable founder Peter Scutt, will also be for sale after paying $8 million in 2021.
She also previously held the house price record for Bronte after selling her home in 2016 for $14.5 million, while her former Tamarama home sold for $12 million in 2020.