Stephen Arvanitis, the son of Greek Australian aged care mogul Peter Arvanitis, has discreetly listed his lavish Toorak mansion for sale, with an expected price tag of around $30 million. Arvanitis purchased the six-bedroom St Georges Road property just over a year ago from billionaire Smorgan family members Michael and Hayley for a similar sum.
Peter Arvanitis founded Estia Health, a leading aged care company valued at $725 million in 2014. After Peter’s resignation in 2016, Bain Capital acquired Estia Health for $551.3 million in December 2023.
The ivy-clad mansion, located on one of Melbourne’s most prestigious streets, is being marketed off-market by Forbes Global Properties Australia. According to agency director Robert Fletcher, the property offers a prime opportunity for renovation or redevelopment on its approximately 2,100-square-meter parcel of land.
“It’s in one of the best positions in St Georges Road,” Fletcher said. “It’s the key for someone to open up the trophy they’ve always dreamt of creating.”
The Smorgan family originally purchased the property for $4.25 million in August 2001, highlighting its substantial increase in value over the past two decades.