The Italianate mansion Coonac in Toorak has set a new Melbourne house price record. Picture: Andrew Henshaw.
Pharma mogul Dennis Bastas and his wife Georgina have splashed $124m on a grand Toorak mansion, setting a new house price record for Melbourne.
The couple made headlines last year with speculation about their off-market purchase of the 1.08ha Italianate property, named Coonac.
Mr Bastas is chair of Arrotex Pharmaceuticals, myDNA and DBG Health.
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He and his wife purchased the Toorak listing from ex-Essendon president Paul Little and his wife, University of Melbourne chancellor Jane Hansen.
At the time, reports pegged the sale as being worth $115m to $150m.
However, industry sources today confirmed Coonac actually sold for $124m, while title documents for the home have Ms Bastas’ name of them.
Kay & Burton’s Ross Savas and Gerald Delany negotiated the sale but declined to comment.
The eye-watering sum paid for Coonac has toppled Melbourne’s existing $80.88m house price benchmark, set by tech boss Ed Craven when he bought a Toorak mansion in 2022.
Arrotex Pharmaceuticals chair Dennis Bastas and his wife Georgina are Coonac’s new owners. Picture: NewsWire/Aaron Francis.
Coonac’s impressive pool, complete with lion statues.
Mr and Ms Bastas have also snapped up a neighbouring property to Coonac, an apartment block, for $12.1m.
Combined, their total transaction figure for that site and Coonac add up to an eye-watering $136.1m.
In February, documents lodged with Stonnington Council revealed that the Bastas are planning a $38.5m makeover for Coonac including a 10-car underground garage, staff quarters, a wine cellar, billiards room, salon and wellness sanctuary.
Former Coonac owner Paul Little at the grand home, in 2018. Picture: Aaron Francis/The Australian.
The Bastas have also purchased this apartment block neighbouring Coonac, in a deal overseen by Kay & Burton.
Mr Little and Ms Hanson purchased the Coonac estate for $14.5m, in 2002.
Morrell and Koren buyer’s, Matthew Cleverdon, said there was “still a lot of hesitation above $4m” when it came to the top end of Melbourne’s property market.
“But there’s some opportunities that are tempting,” he added.
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