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Keeping it Greek: Freight Boss Arthur Tzaneros Buys $61.5 Million Mega Mansion From Fellow Greek Leo Lynch

Greek property shuffle: Prominent Greek Australian flower wholesaler Leo Lynch has sold his Bellevue Hill mansion for $61.5 million to fellow Greek, freight boss Arthur Tzaneros.

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Natalie Martin
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Prominent Greek Australian flower wholesaler Leo Lynch has sold his Bellevue Hill mansion to freight boss Arthur Tzaneros, who now joins the ranks of wealthy businessmen all too well aware of the current real estate boom in Bellevue Hill, considering the staggering purchase price of $61.5 million.

Prestige agents were left stunned by the Greek flick pass and resulting sale of Lynch's home on Wednesday, given its sprawling size of approximately 1,300 square meters. It surpassed the previous record held by the 5,700-square-meter Rona estate, which sold for $58 million in 2018 to Richard Scheinberg, a member of a wealthy cattle and property investment family.

Just last year, Tzaneros settled into his $32 million Vaucluse home, complete with a pool, tennis court, and breathtaking views of Vaucluse Park and the harbour. However, it seems that Tzaneros, who serves as the CEO and co-founder of ACFS Port Logistics, was already chomping at the bit to upgrade.

Lynch, belonging to the family behind the ASX-listed flower wholesaler Lynch Group, surprised observers with his confident sale. In fact, his house could have set a new record for the suburb, with its selling price of $61.5 million to Tzaneros, if only he hadn't chosen to pay over $70 million for the historic Federation estate known as Leura, located just up the road in Bellevue Hill.

Chinese-Australian businessman Wilson Lee and his wife, Baoyu Wu, sold the prestigious Leura property to Lynch for approximately $70 million, showcasing a remarkable return on their investment since acquiring it in 2015 for half the price. Leura, a magnificent mansion built in the 1890s with eight bedrooms, eight bathrooms, a ballroom, a tennis court, and a swimming pool, was designed by renowned architects Walter Liberty Vernon and Howard Joseland in the Federation Queen Anne style, adding to its grandeur.

For Tzaneros, his return to Bellevue Hill comes two years after selling an $11 million home just a few doors down from his latest acquisition.

This series of property moves not only incurred more than $6 million in stamp duty for Tzaneros but the Greek property shuffle also highlights the divergence of trophy home values from the broader market. Consider Tzaneros's new $61.5 million residence, which previously changed hands for $9.05 million in 2014 when it was sold to Lynch by PR expert Judi Hausmann.

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This post was last modified on June 2, 2023 4:57 pm

Copyright Greek City Times 2024
Natalie Martin
Published by
Natalie Martin
Copyright Greek City Times 2024