Iona, Sydney's Iconic Mansion, For Sale at $40 Million

Strategic Insights -

Sydney's most talked-about landmark, Iona, is for sale again, boasting stunning interiors, a well-established garden, and a steep price tag of $40 million. The 1880s-built house, which has been a hospital and a private residence, is a rare survivor of the city's development ambitions. Tim Eustace, principal adviser at Mercury Private, and Salvador Panui are relocating to New Zealand, leaving behind a 22-room home that has been their residence for years.

Key Takeaways:

  • Iona, a heritage-listed mansion, is for sale at $40 million, a significant price increase from its last sale in 2015.
  • The 1880s-built house has a rich history, having been a hospital from 1912 to 1977 and a private residence for several owners, including Hollywood's Baz Luhrmann and Catherine Martin.
  • The 22-room house features seven bedrooms, formal and informal living rooms, a library, office, self-contained apartment, cellar, new kitchen, front and back stairwells, and a 25-metre pool.
  • The current owners, Tim Eustace and Salvador Panui, retained the house's original grandeur and integrity, including Martin's distinctive wallpaper upstairs.
  • Iona commands over 2700 square meters of land with towering century-old trees, a circular driveway, and a well-established garden.
  • The Agency's Ben Collier has the listing, as the couple returns to New Zealand with plans to buy a "downsizer" for return visits.

Statistics:

  • Iona has been on the market for almost a decade since its last sale in 2015.
  • The house was built in the late 1880s and expanded in the 1930s to offer another wing to the private hospital.
  • Former owners, Baz Luhrmann and Catherine Martin, bought the house for $10 million in 2006 and used it as both their home and Bazmark headquarters.
  • The current owners, Tim Eustace and Salvador Panui, have owned the house since [unspecified].

Sources:

  • "The Saturday Paper" article, no date specified