Toorak estate of late David Hains sells for $40m

A luxurious 10-bedroom mansion previously owned by the late billionaire David Hains has been sold for approximately $40 million, following a reduction of $5 million from its original price expectations.

The renowned “prettiest house in Toorak,” a 10-bedroom mansion previously owned by the late billionaire David Hains, has been sold for approximately $40 million after experiencing a $5 million reduction from its initial price expectations.

However, a Mornington Peninsula stud farm, valued at $50 million and still under the family’s ownership, remains unsold.

The property on Albany Rd endured nearly a year on the market before its recent sale, with plans for a renovation estimated to cost between $10 million to $20 million anticipated to follow.

David Hains was a noted horse breeder with notable mounts including Melbourne Cup winner Kingston Rule, and an engineer, but made his money as the founder of Portland House Group hedge fund.

His passing attracted tributes from Australian business luminaries including billionaire James Packer and horse racing boss Lloyd Williams.

Toorak top end buyer’s advocate David Morrell said the home had sold for about what it should have.

“I’m surprised it took so long, it’s the prettiest house in Toorak,” Mr Morrell said.

He added that he suspected buyers had initially been turned off by the prospect of a renovation at the home, which he estimated could run into the tens of millions of dollars and take it up to a $60m home.

With another $40m sale on nearby St Georges Rd for entrepreneur and whisky baron David Prior earlier in the month, and other notable sales in other parts of Melbourne, Mr. Morrell said the top end was defying logic that hinted it should be slower at the moment.