You need deep pockets to consider buying a $45 million dollar mansion overlooking Sydney harbour. But it’s another level of wealth again to buy a $45 million dollar mansion only to turn it into a pile of rubble. That’s exactly what the owners of Villa Florida in Rose Bay are looking to do, after lodging a demolition development application that expresses plans to replace the 930m² residence with a new $18.6 million home.
Located at 12 Tivoli Avenue in Rose Bay, Villa Florida was originally built in 1928 and is currently owned by founder and chief executive Jim Angelis, who owns Coverforce which is Australia’s largest privately owned insurance broker. The palatial property sits on an enormous 1,290m² block of land, which faces east overlooking Point Piper and represents the pinnacle of Sydney blue chip real estate.
The most recent renovation the property saw was in the 1950s when the team at Michael Suttor Architects shaped the main residence into the stunning mansion that exists to this day. Villa Florida has been owned by some of Sydney’s most prolific captains of industry, but perhaps most famously was owned by Barry Humphries from 1986 till 1991.
When Humphries was selling the property at the beginning of the 90s, he lamented the sale because of how rare the property was to come across in Sydney’s competitive real estate market.
“The classic Californian Spanish look – which goes so well with the lush waterfront foliage is all too rare,” he explained to The Sydney Morning Herald.
Boasting seven bedrooms, nine bathrooms, and a quartet of parking spaces, Villa Florida is one of Australia’s most impressive properties. It also contains a drawing room, private office, large wine cellar and pool at the rear of the home that opens out onto the lush gardens and the harbour waterfront.
While it’s just been the demolition DA that has been submitted so far, further details of the proposed new build will be made public later in the month.