Barely a month after one couple offloaded their house for $490,000 worth of profits just nine weeks after its purchase, Sydneysiders have copped another phat reality check courtesy of 178 Hopetoun Avenue. The Vaucluse mansion spent a grand total of four days on the market before finding a new owner. The final sale price? According to realestate.com.au, well over $35 million (more than double what it sold for three years ago).
The luxurious six-bedroom, seven-bathroom residence with an 11-car garage, pool, and tennis court was formerly owned by property investors – Carmen & Steve Davidson – and handled by The Agency‘s Steven Chen. When contacted just days after its listing, Chen confirmed it had sold for “more than” its $35 million price guide, and far more than its 2018 purchase price of $17 million. He was, however, unable to reveal the exact figure and the new owner’s identity due to a strict confidentiality agreement.
Originally designed by renowned Aussie architect Michael Suttor almost two decades ago, the Davidsons reportedly undertook a “significant renovation” shortly after they acquired the tri-level property – elevating the already-impressive home to all-new heights.
And for their efforts, Carmen & Steve have essentially been rewarded with $6 million worth of profits for each year of ownership (minimum). Although this wouldn’t exactly be the first occasion they played chess instead of checkers.
“Three years ago, they took a 2,679-square metre Oxford St, Bondi Junction site — home of their long-held Continental tyres and Bondi Junction Auto Services business along with several other adjoining properties they’d accumulated — to market with $40 million hopes,” explains Stephen Nicholls of realestate.com.au.
“It’s still in their name, but they have a very nice development application for apartments approved by Waverley Council. Their site is next to another commercial-turned-residential site, now home to Sydney developer TWT Property Group’s 70-unit NewLife Bondi Junction project.”
The Davidsons also previously owned the Keepers Cottage located at 15 Old South Head Road (near Macquarie Lighthouse). The leasehold property in question was snapped up for $2.52 million back in 2002, renovated in 2010, and sold for $7.5 million to Nanshan Group’s Song family in 2016.
Check out 178 Hopetoun Avenue at Vaucluse for yourself below.