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Coonac in Toorak has been crowned Australia’s most expensive house. Picture: @melbournehousespotters/Instagram
Melbourne billionaire Dennis Bastas is rumoured to be the buyer of a Toorak estate, which has sold for a national house price record potentially as high as $150m.
Bastas is chairman of Arrotex Pharmaceuticals, myDNA and DBG Health, which recently acquired makeup company MCoBeauty for about $500m.
It’s believed he purchased Coonac, considered among Victoria’s most illustrious addresses, and one of fewer than 10 homes in Melbourne worth $100m or more, from current owners Essendon Football Club boss Paul Little and University of Melbourne chancellor Jane Hansen.
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The property is understood to have sold for more than $130m, Australia’s current house price record set by a pair of Sydney sales in recent years, but the sale could be as much as $150m.
Pharmaceutical entrepreneur Dennis Bastas is believed to be the buyer of Coonac.
Coonac’s stately facade.
Industry sources have linked the off-market sale to Kay & Burton’s Ross Savas and Gerald Delany.
A nine-bedroom Sydney penthouse currently holds the crown for Australia’s most expensive home, selling for more than $140m in 2019, located in the esteemed One Sydney Harbour at Barangaroo.
Mr Bastas has an expansive luxury property profile, including another Toorak mansion nicknamed ‘The Wayne Residence’ because of its hidden Batman-like garage which spans 6000sq m underneath the home’s tennis court.
The Wayne Residence in Toorak with its hidden garage.
Property records show the stately house is in the Bastas family name, bought for $16.65m in 2012.
He also owns a South Yarra mansion that he purchased at the end of 2023 for $10.5m.
Richlister businessman Paul Little and his wife Jane Hansen, were the sellers of Coonac and purchased the home for $14.5m in 2002.
The pair are understood to be spending millions of dollars renovating a historic Italianate manor in South Yarra built in 1885 that they purchased in 2019 for $19.5m.
In separate commentary not relating to Coonac, Kay & Burton managing director Ross Savas said Melbourne’s luxury property market had “thrived” over the past year as a result of local and international buyer demand and was poised for strong results in the future.
Coonac sold for $14.5m in 2002.
Mr Delany declined to comment on the sale when contacted by the Herald Sun.
The sale comes as Marshall White continues to work on selling Cranlana, the long-time home of Australia’s Myer family, which hit the market in September with a $96m-$105m price guide.
It remains listed for sale with luxury real estate agent Marcus Chiminello.
Melbourne’s former residential price record was held by crypto casino boss Ed Craven’s St Georges Rd home in Toorak which he purchased for $80.88m in 2022.
— additional reporting by Nathan Mawby
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sarah.petty@news.com.au
