Seven-bedroom beachfront home with a pool is bought for $32MILLION as elite family sells
- The house in Clontarf Sydney is sold for $ 32 million
- The monumental modernist house is located on the beach
- Original owners sold for $11 million in 2016
A stunning Sydney property owned by one of Cambodia’s most elite families has sold privately for an eye-watering $32.18 million as the high-end real estate market in the Harbor City continues to grow.
The seven-bedroom beachfront modernist design house ‘Portovenere’ in Clontarf, a north beach suburb, is said to have been bought by a Chinese buyer.
The home, which has 3,000 square feet of beach reserve and includes a swimming pool, half-basketball court, day spa, home theater, gym, sauna, and cheese room, was last sold in 2016 for $11 million.
Franco Belgiorno-Nettis, who co-founded construction giant Transfield, and his wife Amina bought the land in 1952 for £22,500 ($42,390).
The house was built in 1961 and the Belgiorno-Nettis family owned the property until Amina’s death.
The ‘Portovenere’ house in Clontarf, a Sydney suburb, has been sold for more than $32 million
The house has seven bedrooms and sits on a 3,000 square foot beachfront reserve overlooking Sydney Harbor
It was then sold to Madina Tao and Mongkol Phara, who are from Cambodia’s ruling families The Sydney Morning Herald reported.
Tao and Phara gutted the residence and added many of the home’s amenities, along with lavish finishes that show off furnishings and decor from Italian designers Fendi, Versace, and Cavalli.
The property was put on the market last June by BlackDiamondz Property Concierge’s Monika Tu and Jad Khattar with an asking price of $35 million to $38 million.
At the reported price, the Clontarf sale sits near the top of prices for a Northern Beaches property.
The Marara estate in Avalon Beach sold for about $40 million earlier this year after being on the market for more than a decade, and waste handler Ian Malouf agreed to pay $40 million for his Palm Beach home in December.
The previous owners have extensively renovated the house and decorated it in a lavish style
The property also features a swimming pool, half basketball court, day spa, home theater, gym, sauna and cheese room.
Jennifer Hawkins and her model husband Jake Wall are building a mansion on a bluff on Whale Beach’s north shore and reportedly have a buyer willing to pay $30 million for it.
However, there have been a number of other lavish Sydney homes on the other side of the harbor that have gone under for even more stratospheric.
The historic Idlemere mansion in Lavender Bay sold for $42.2 million in February, while a waterfront home in Vaucluse fetched $40 million.
A Spanish mission home in Point Piper sold for an incredible $69 million last week, placing it in Sydney’s top 10 most expensive private home sales of all time.