Jerry Schwartz has found a buyer for his waterfront home on The Crescent. Photo: Domain.com.au The Vaucluse ultra-prestige housing market has scored a late fillip to sales activity this week with two sales worth a combined, estimated $35 million.
Hotel mogul Dr Jerry Schwartz and his wife Debbie secured a buyer for their waterfront home on The Crescent on Tuesday night.
Originally listed for $20 million in October, it sold within days of the sales price being dropped to $18.8 million. Michael Pallier, of Sotheby’s International, was gagged by confidentiality orders from commenting on the result.
Jerry Schwartz. Photo: Brockwell Perks BDP
On Monday, the Hillside Avenue mansion of dentist and property investor Le Tran also secured a buyer having dropped from initial $20 million hopes of earlier this year.
Brad Pillinger declined to reveal that sale price but a source confirmed it sold for about $17 million in conjunction with Black Diamondz’ Monika Tu and Martin Ross.
Tran is moving to Point Piper, where he paid some $16.5 million in October for the Wentworth Street property of Network Seven commercial director Bruce McWilliam and his wife Nicky.
Le Tran’s Hillside Avenue mansion has also sold.
Tran’s Vaucluse sale was being tipped as a strong one by prestige agents earlier this week because he had only bought it eight months earlier for $14 million from property developer Jacques Kurdian.
At the time Tran had sold his Hunters Hill waterfront a month earlier for $12.5 million to mining executive and Beijing developer Yong Zhang.
Dr Schwartz is also upgrading his real estate housing. The cosmetic surgeon paid close to $25 million in August for the Vaucluse waterfront estate “Loch Maree”, also through Pallier.
Le Tran is moving to Wentworth Street, Point Piper. Photo: Domain.com.au
The Schwartz family will be only the third owner of the architect Michael Dysart-designed residence on Loch Maree Place since it was built in the early 1970s when it was commissioned by the late IPEC founder Gordon Barton.
It last traded in 1993 for $4.75 million when bought by entrepreneur Duncan Saville and his wife Julie, who sold it to Schwartz.
Jerry Schwartz is also upgrading to Loch Maree. Photo: Domain.com.au