It’s been a much loved family home for almost six decades, and showcases of one of SA’s most incredible private antique collections, and now this historic Waterfall Gully home can be yours.
Elder Fine Art founder Jim Elder and his wife Helen bought the stunning 155 Waterfall Gully Rd, Waterfall Gully property 57 years ago while they were in their twenties, and now, with them both in their eighties, Mr Elder says it is time to say goodbye to the place they have loved calling home.
SIGN UP NOW FOR OUR FREE REAL ESTATE NEWSLETTER
“We’d just started the business when my wife and myself were in our early 20s and then that was our first home, one might say,” he said.
“It was built in the 1880s and it was in very sound condition and when you’re 26 you’re adventurous.
“We’ve done a lot of work there over the years and it’s been a joy to live there.
Jim and Helen of Elder Fine Art and their Waterfall Gully home they are selling after 57 years. Picture: Mark Brake
Jim and Helen Elder in the main dining room of their Waterfall Gully home. Picture: Mark Brake
The home’s stunning facade. Supplied.
The home was a former tavern and popular spot with early Colonial settlers. Supplied.
“I’m in my 83rd year and my wife’s 80. We’ve been putting off selling it because we just love the area so much and we’ve brought all our children up there – we’ve had their 21st birthdays up here, family weddings and so many get-togethers with our friends over the years.
“But time moves on.”
While the property is being sold as a grand 10-bedroom homestead, that’s not how it started.
“It was used as a guesthouse in the early days and I believe it was a hotel up to the 1930s,” Mr Elder says.
“During the last war, it was an R&R place for American soldiers.
The stunning pool area. Supplied.
Fancy a spa? Supplied.
The tennis court in its spectacular garden setting. Supplied.
The fireplace of the grand dining room. Supplied.
The spacious cellar. Supplied.
“Going back in the early days there was a big orchard there and a lot of land was joined to that particular property.
“The building that you’re seeing now was built in I think about 1880
“In the early days when the settlement of Adelaide I think it was a tavern – you’ve got to remember that was a day’s trip by buggy from the CBD out to there and you had the beautiful waterfall at the end of the road, and that was picnic spot for the colonial settlers in South Australia.”
RELATED: What your suburb is worth – every SA suburb mapped
Packer’s new buy part of huge $400m+ collection
MAFS star’s surprise home revelation
Aussies warned: New changes for pets in homes
The home, which is set over two grand levels, offers a massive 969sqm of indoor and outdoor living space and has a formal dining room, a cellar, a spacious family room, a studio, stables, a swimming pool, a tennis court, a barbecue hut, a spa and plenty of space for off-road parking.
Another view of the dining room. Supplied.
A more casual dining room. Supplied.
Mr and Mrs Elders prized antiquities are showcased throughout the home. Supplied.
One of the home’s 10 bedrooms. Supplied.
While the property has provided some fantastic memories they will take with them, with their family having moved out and it just being the two of them there, the time has come to say goodbye to Waterfall Gully and embark on the exciting next step of their journey together.
MORE NEWS: Australia’s biggest political property moguls revealed
How much extra income you’ll need to buy in 2026
Decorated racing identity gallops into retirement
“It’ll be the saddest day of my life when we move out of there, but as you know, there’s a time to hold them and a time to fold them, and regrettably for us, this is the time that we have to move on,” Mr Elder says.
Mr Elder says the couple have yet to find another place to live, but it’s safe to say it will be significantly smaller.
Jim Elder in work mode, pictured here auctioning off more than $2m worth of artwork. Supplied
Mr Elder in 2006 with a painting to be auctioned by Pro Hart called “Miners Lunch”. Picture: Mark Brake
“We’ll probably rent for a while until we find a nice house to relax in, that will allow me to maybe take my fishing rod out again,” Mr Elder said.
And as for their antiquities collection? Mr Elder says that will not be going with the couple.
“We’ll properly have an auction on site of all the goods that we don’t plan on taking with us,” Mr Elder says.
“No, we won’t be looking at formulating a collection of antiques and art at 83 years old.”
The property is on the market through Jamie Brown of Booth Real Estate for $3.9m to $4.29m, with offers closing Tuesday May 27 at noon.
English (US) · 