Sydney’s luxury real estate market witnessed two major transactions as Bellevue Hill mansions fetched a staggering $130 million in a double deal. Prominent flower wholesaler, Greek Australian Leo Lynch orchestrated both purchases and sales, making headlines in the high-end property market, writes the SMH.
The centrepiece of this remarkable feat is the historic Federation estate known as Leura, located in Bellevue Hill. Chinese-Australian businessman Wilson Lee and his wife, Baoyu Wu, sold the prestigious property to Lynch for approximately $70 million, showcasing a remarkable return on their investment since acquiring it in 2015 for half the price. Simultaneously, Lynch sold his own recently rebuilt mansion just a few blocks away for an impressive $61.5 million.
The sale of Lynch’s home left prestigious real estate agents in awe, given its size of around 1300 square meters. Surpassing the previous record held by the expansive 5700-square-meter Rona estate, which sold for $58 million in 2018, this transaction sets a new benchmark for the suburb of Bellevue Hill. From a prosperous cattle and property investment family, Richard Scheinberg acquired the Rona estate.
The multimillion-dollar deals underscore the allure and desirability of Sydney’s trophy home market, capturing the attention of luxury property enthusiasts and investors alike.
Lynch sold his recently reconstructed home a few blocks away for $61.5 million, which happened to coincide with the purchase.
Prestige agents were left stunned by the result for Lynch’s home on Wednesday, given it is set on about 1300 square metres. It topped the suburb high, previously held by the 5700-square-metre Rona estate that sold for $58 million in 2018 to Richard Scheinberg of the wealthy cattle and property investment family.
It’s a magnificent mansion built in the 1890s with eight bedrooms, eight bathrooms, a ballroom, a tennis court, and a swimming pool. The mansion was designed by renowned architects Walter Liberty Vernon and Howard Joseland in the Federation Queen Anne style, which adds to its grandeur.
