$10m home to be razed for new $19m mega-mansion

A $10 million beachfront mansion has sold with one jaw-dropping catch – the luxury home is expected to be demolished, in a real estate move Australians have seen play out in Toorak, Brisbane and other blue-chip pockets where the land is worth more than the house. The glamorous four-bedroom UK property, known as Samphire Sands, sits on the ultra-exclusive Sandbanks peninsula in Poole Harbour, Dorset, and would be considered a dream home in almost any market. The two-storey residence, built in the 1960s, has harbour views at the front and Sandbanks beach at the rear, and was marketed with an $11.3 million price guide before selling for $10 million. MORE NEWS Labor’s fix for housing could wipe 10,700 homes, cut jobs Bird flu reaches suburban streets in troubling new shift ‘Don’t buy’: Agent warns buyers of $50k hidden home defect But despite the eye-watering price tag, the waterfront home’s future may already be sealed. Planning permission has been secured for the existing house to be knocked down and replaced with a far larger luxury residence, complete with an open-plan living area, four bedrooms, a study, gym, jacuzzi, sauna, steam room, lift and balconies at both the front and bac...