Brighton waterfront: Poker player's $30m+ mansion buy revealed
A sprawling, more than 3800sq m address in the elite Bayside suburb has sold after a marathon, two-year sales effort.
And with the buyer already owning another similarly-sized waterfront address two doors down, locals and industry insiders are wondering if there might be a chance they are looking go collect a combined 1.14ha along the high-end suburb's waterfront.
The recently sold house was listed on behalf of the family of late developer Bruce Terry and his wife Judith, seeking as much as $50m, since 2023.
Records show it now has a caveat on it in the name of Pamela Colman, wife to lawyer, MCS Property developer, philanthropist and poker player Julius.
The pair already own another waterfront home a few doors down, which has Brighton locals and market watchers wondering whether the owner of the property in between the two addresses has been, or will be, approached.
Listing agents Kay & Burton's Ross Savas and Alex Schiavo declined to comment on the sale, or to confirm a price, though it was recently listed with a $39.9m-$41.5m asking price before being removed from online portals.
However Brighton insiders believe the deal would have been below $40m and potentially closer to $30m — though still likely setting a record.
Those same insiders noted storm activity had felled a number of large trees on the block a few months back, potentially providing benefits for the next owners plans for the site — which had widely been expected to get a multimillion-dollar renovation after it sold.
Sales records show Brighton's current top house price was set by a waterfront Seacombe Grove mansion, sold by the family of late 7-Eleven Australia co-owner Beverley Barlow, for $31.6m in 2022.
Morrell and Koren buyer's agent David Morrell said after its initial ambitions, he believed a more 'sensible' price had been paid for the newly sold home — though did not have an exact figure.
However, Mr Morrell said that if the buyers hadn't already struck an agreement with the home between the two mansions — collecting the set could now be tricky.
Combined, the two properties now owned by the Colmans would now span more than 7000sq m, and due to the shape of the blocks mean they now own almost all of the waterfront between the two addresses. A review of Google Maps puts the bay facing property line close to 60m long.
If they are able to add the third residence, it would top 1.13ha, making it one of the biggest residential Brighton holdings — and likely the biggest with water frontage.
It is not known if that is the Colman family's intention.
But such a gambit might appeal to Mr Colman, who in addition to working as a property developer, has played poker on the international circuit.
He has reportedly tipped his winnings into the Colman Foundation charity, which supports the education of disadvantaged kids around Melbourne and Victoria.
It's a cause he became passionate about after moving to Melbourne from Poland as a refugee aged four, following World War II.
His philanthropic efforts have been recognised with an Order of Australia medal.
Mr Morrell said the Brighton sale was one of relatively few notable transactions this winter, with Melbourne's top end 'the slowest I have seen it'.
While he wasn't ruling out a rise in more impressive residences hitting the market in October and November, he said he wasn't expecting a great deal to hit the market between now and September — largely due to global trade tensions and wars creating concerns about the financial stability needed to underpin such deal.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
26 minutes ago
- ABC News
Wyndham City Council referred to IBAC as MP claims tens of millions 'flushed down the toilet' on failed IT project
A council in Melbourne's booming outer south-west has been referred to the state's anti-corruption watchdog over a failed IT project worth tens of millions of dollars. The issue emerged when representatives from Wyndham City Council faced a fiery parliamentary committee hearing into fraud and corruption controls in local government. Labor's MP for Point Cook, Mat Hilakari, questioned whether the council did enough to inform ratepayers about the cost blowout, which he put at $69 million. But the council defended its transparency, saying information about the project was publicly available. In 2018, the council appointed tech company Oracle Australia to provide software that could combine council functions on one platform. It was supposed to be a $20 million project, taking two years. But four years later, the project was running nearly $20 million over budget. So the council terminated the contract and engaged a new company, TechnologyOne, to do the work. Mr Hilakari told the inquiry he estimated the cost blowout for the entire project at nearly $70 million. "I would put it at probably around $69 million in overruns, and this hasn't been publicly disclosed until this point in time, is that right?" he asked. The council's chief executive, Stephen Wall, said he would take the issue of the cost on notice. "But that sounds excessive," he said. Mr Hilakari asked why the failure of the original project, and the cost overrun, had not been communicated to ratepayers. "Whose decision is it not to disclose these things to the public?" he asked. Wyndham Deputy Mayor Josh Gilligan said financial decisions were all available, but said no-one had asked about them. "I just take particular umbrage with the question that suggests that we were not or were somehow not wanting to disclose cost variation to a major project," he said. "I just completely dispute that." Mr Wall agreed. "All of council's financial transactions are transparent," he said. The ABC understands the council's handling of the issue has been referred to Victoria's Independent Broad-based Anti-corruption Commission, IBAC. The ABC understands another Wyndham councillor, Robert Szatkowski, has made a referral to Victoria's Independent Broad-based Anti-corruption Commission, IBAC, for matters that relate to the IT project. The ABC has contacted IBAC for comment. A referral to IBAC does not mean it will launch an investigation and the ABC is not suggesting that a referral implies any findings of wrongdoing. Councillor Gilligan pointed out to Mr Hilakari that the state government was also facing cost blowouts on various projects. "You would agree that cost overruns on a state level of hundreds of millions of dollars occur, on the regular?" he asked. "And we're very transparent about that," Mr Hilakari said. "As we are," Cr Gilligan insisted. "Well then you'd better tell me where the project fail of Oracle and the tens and tens of millions of dollars of ratepayer funds that were flushed down the toilet to be frank, where was that publicly disclosed?" Mr Wall said he would take that on notice, but said there was a clear business case and a tender process, and that the current IT project was a success. Wyndham council is facing backlash for diverting funds from developers in Point Cook to be used elsewhere in the municipality. Cr Gilligan told the hearing the council had a prerogative to spend money raised from Point Cook developments in another location. "That money can be spent in a location that is different to the one that you want it spent in," he said. "That is our prerogative, just as state and federal governments have their own prerogative within the realm of law to make decisions, this council has made a decision to look at spending it on an intergenerational project somewhere else." The committee is due to table its full report in November.
News.com.au
an hour ago
- News.com.au
Penthouse shoots for Sydney coastal suburbs record
It has been billed as the most exclusive and prestigious offering Bondi has ever seen, perched on the oceanfront and connected to the coastline. Meet Pearl Bondi the $150m project just approved for Bondi's peninsula cliffside with north-east aspect, elevation and comprising a clutch of seven luxury homes aimed at established eastern suburbs families and downsizers. And Pearl's creator, top Sydney builder developer Central Element is set to rewrite Bondi's property history with the highly anticipated release of the Pearl Penthouse – the pinnacle of the project. Set to become the coastal suburbs most exclusive and high-end residence to date, with an asking price of $30m, the ultra-luxurious apartment is expected to smash the suburb record. The previous record was $24m in 2022, for Multiplex heir Andrew Roberts' 190sqm apartment in Notts Ave, Bondi Beach. The price equated to $126,000 per sqm. The 328sqm penthouse offers four bedrooms, 3.5 bathrooms and a 17m east-facing frontage with uninterrupted ocean views. Central Element managing director Nathan Chivas expects Pearl to be popular. 'At its heart is the Pearl Penthouse, the most luxurious and prestigious offering the suburb has ever seen,' Mr Chivas said. 'Every element – from the 17â€'metre frontage to the timeless interiors – has been crafted to create a sanctuary that connects deeply with Bondi's coastal energy. 'It's a hidden treasure revealed only to a privileged few and we expect demand for the Pearl Penthouse to reflect the rarity of what's on offer.' Central Element has gathered talented architects, landscapers and interior designers to create Pearl Bondi, which consists of two houses fronting Sandridge St and five apartments cascading towards the coastline with access to Wilga St. Three apartments are whole-floor residences with expansive terraces while the two ground floor apartments will each have a private pool. The Torrens-title houses will also have their own private plunge pools, outdoor entertaining space and wide ocean views. One has, facing north has a traditional layout with bedrooms upstairs while the southern house has the upper level dedicated to living and dining with two balconies capturing the view. The ultra-luxury project has been designed by award-winning architects MHNDU and the homes will share almost 500sqm of landscaped communal space as well as having their own external areas – up to 86sqm. The site is more than 2000sqm in a tightly-held pocket between Bondi and Tamarama with direct access to the coastal walk. Madeleine Blanchfield, of Madeleine Blanchfield Architects, has been engaged to design the interiors of the seven homes. She is well-known and highly sought after in the Eastern suburbs. 'Our design approach for Pearl will be centred on quiet luxury and refined simplicity – using natural materials, light and texture to create homes that feel timeless, grounded and intimately connected to their coastal surrounds,' she said. Materials such as travertine, American oak, Patagonia Pink quartzite and brushed stainless steel are all on the Pearl palette. Kitchens have stone island benches and Sub-Zero and Wolf appliances are included. Construction on Pearl Bondi will begin in the spring of this year and completion is planned for late 2027. Central Element has already broken suburb records in Sydney's east. Last year in Coogee it made a $20m off-market sale for a three-bedroom penthouse at Ballamac House.
SBS Australia
an hour ago
- SBS Australia
Embrace clean energy says UN climate chief: or put Australia's living standards at risk
Simon Stiell is the top climate diplomat for the United Nations. His whistlestop tour of Australia comes at a crucial time, with Australia due to name a carbon emissions reduction target for 2025 in September. Speaking in Sydney, he says the issue is enormous not just for Australia's environment, but its economy, too. "Australia has a strong economy and among the highest living standards in the world. If you want to keep them, doubling down on clean energy is an economic no-brainer." There's nothing new about Mr Stiell's pitc h- he is urging governments around the world to set ambitious climate targets. But he says Australia is particularly vulnerable - saying climate change will be an economic wrecking ball if Australia doesn't act fast enough. He says, already, Australian homeowners are paying a cumulative four billion dollars per year for climate change-related disasters. And, into the future, he says climate change could cripple Australia's prodigious food production ability. He claims the country could lose 6.8 trillion dollars in Gross Domestic Product by 2050. The Climate Change Authority, headed by former New South Wales government minister Matt Kean, is preparing its advice to the federal government, which will inform that decision on precisely what the target will be. It's previously hinted at a reduction of 65 to 75 per cent on 2005 emissions levels. Mr Kean says Australia has no choice but to be a world leader in this area. "It needs to be ambitious to grab the economic opportunities that Simon so eloquently outlined. We need to make sure that we are leading the way, if we are to develop the industries that are going to underwrite our prosperity into the future." The decision for 2035 has already been delayed by months. Mr Kean says that's necessary to ensure the decision that is eventually made is the right one. "We've taken the time to do the deep, thorough analysis required. So when we stand up- when the government stands up- we can do so saying this number is in our national interest. So, I'm not going to apologise for taking the time and building the evidence required to get th decision right." Mr Kean says those on his former side of politics, like former National Party federal leader Barnaby Joyce, who want to scrap net-zero targets, are out of touch... pointing to the recent federal election result as evidence. But that's not the only climate change related fight going on at the moment. Australia and Turkiye are in dispute over who will host next year's United Nations climate change summit, known as COP31. Australia is seeking to hold the 2026 event in Adelaide to showcase its renewable energy transition. But Turkiye is refusing to drop out of the hosting race, saying, amongst other things, that its location in the Mediterranean would actually lower carbon emissions from people travelling to the event. Mr Stiell says the UN wants Australia and Turkiye to sort it out amongst themselves, warning that the dispute is harming planning for the event. "Our position is: please, work amongst your peers and resolve this quickly, so we can engage whomever is the successful candidate, so that we can all move the process forward." Mr Stiell will now move onto Canberra, where he will meet with federal Climate Change Minister Chris Bowen.
