MILLIONAIRE and former Computershare director Michele O'Halloran will break the record for a Victorian residential property if her cliff-top Portsea mansion sells for its asking price of more than $20 million.
Portsea cliff-top properties, squeezed onto an outcrop where Port Phillip Bay meets Bass Strait, are generally among the most expensive in Victoria and are tightly held by their wealthy owners.
Ms O'Halloran bought Ilyuka, which has beach access and a private jetty set on the tip of Mornington Peninsula, a favourite playground for Melbourne's rich and famous, in 1999 for $7.5 million.
Selling agent Ross Savas, from Kay & Burton, said Ilyuka, a Spanish mission-style, sprawling house built for American oil tycoon Harry Cornforth in 1929-30, would be marketed globally following a formal launch during the spring racing carnival.
The marketing campaign includes distributing to select buyers a five-minute, mini-movie that reportedly cost more than $200,000 to make with a film crew of 50, focusing on a day in the life of a fictional family called the Crawfords at Ilyuka.
A Channel Nine personality and face of spring racing, Brodie Harper, plays one of the family members, with her husband Heath Meldrum.
"It's an elite property that has always been owned by significant families," Mr Savas said. "Someone of great wealth will buy it and turn it into a family compound."
Sunning yourself on the beach or cliff-top among Victoria's corporate and social elite next to the likes of trucking magnate Lindsay Fox and investment banker John McIntosh comes at a cost.
The Sisters in nearby Sorrento sold in 2008 for $19 million and set a Victorian record, breaking the previous highest price set when art dealer Rod Menzies paid $18 million to Hamton developers for the Stonington mansion in Glenferrie Road, Malvern.
That sale broke the coastal record set in 2006 when the Mount Eliza estate of Sir Reginald Ansett was sold for $14.5 million. In 2003, Ms O'Halloran sold a 742-square-metre former "vegie patch", part of the estate, for $1.6 million.
RT Edgar real estate agent Warwick Anderson sold Ilyuka to the previous owner, property developer David Deague. "It's a very special property, no doubt about that. It's one of the best properties you can get on the cliff."
However, buyer advocate David Morrell said it would be difficult to get the $20 million asking price in the current market conditions.
"They're struggling to get $20 million for houses here in Melbourne; why are they going to pay that for a beach house?"
Matthew Baxter, director of valuers Market Line Opteon, said: "The market is softening but there's such a low supply of properties there that it will be a good test to see if the underlying demand is still there."
Portseas most exclusive addresses
The Sisters, 3080 Point Nepean Road, $19 million, 2008
Kiewa, 3818 Point Nepean Road, $8.75 million, 2010.
Inverary, 3624 Point Nepean Road, $8.71 million, 2010
Vacant land, 2 Point King Road, $7 million, 2006
House, 3096 Point Nepean Road, $9 million, 2010
Frequently Asked Questions about this Article…
What Portsea property is for sale and what is the asking price?
The cliff‑top mansion called Ilyuka in Portsea is being marketed with an asking price of more than $20 million. If it sells at that price it would set a new Victorian residential property record.
Who owns Ilyuka and who is handling the sale?
Ilyuka is owned by millionaire and former Computershare director Michele O'Halloran. The property is being marketed by Ross Savas of luxury real estate firm Kay & Burton.
What makes Ilyuka and Portsea cliff‑top properties so desirable and expensive?
Ilyuka has beach access, a private jetty and sits on a prominent cliff‑top at the tip of the Mornington Peninsula. Portsea cliff‑top addresses are tightly held, close to Melbourne’s wealthy and famous, and historically command some of the highest coastal prices in Victoria.
How is the Ilyuka sale being marketed to wealthy buyers?
The campaign includes global marketing and distribution to select buyers of a five‑minute mini‑movie reportedly costing more than $200,000, filmed with a crew of about 50. The film depicts a day in the life of a fictional family at Ilyuka and features Channel Nine personality Brodie Harper and her husband Heath Meldrum.
What is Ilyuka’s history and notable features mentioned in the article?
Ilyuka is a Spanish mission‑style house built in 1929–30 for American oil tycoon Harry Cornforth. Michele O'Halloran bought it in 1999 for $7.5 million and previously sold a 742‑square‑metre parcel of the estate in 2003 for $1.6 million.
Will the $20 million asking price be realistic in the current market?
Opinions in the article differ: buyer advocate David Morrell said it would be difficult to get $20 million in current conditions, while Matthew Baxter from valuers Market Line Opteon noted the market is softening but the very low supply of properties in Portsea makes this a good test of underlying demand.
How does Ilyuka compare to recent record coastal sales in Victoria?
The nearby Sorrento property The Sisters sold for $19 million in 2008 and set a Victorian record at the time. Other noted coastal sales include properties on Point Nepean Road and Mount Eliza estates sold for multi‑million prices in previous years; if Ilyuka sells for over $20 million it would surpass those figures.
Which local real estate names and experts are quoted about the Portsea sale?
The article quotes Ross Savas of Kay & Burton (the selling agent), RT Edgar agent Warwick Anderson (who previously sold Ilyuka to a former owner), buyer advocate David Morrell, and Matthew Baxter, director of valuers Market Line Opteon, on market conditions and the property's appeal.
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