A $32 Million Property Play Turning Two Vaucluse Mansions Into Three Luxury Homes

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Moshav Financial

Two neighbouring Vaucluse mansions have been bought for a total of about $32 million, only to be proposed for demolition and subdivided to make way for three luxury residences.

The big-ticket property play by Moshav Financial boss Tal Silberman would, in effect, create a 2700-square-metre holding on the Vaucluse hillside positioned to capitalise on gun-barrel views to the Harbour Bridge.

Mr Silberman’s high-end plans came to light after rumours the 1937-built house at the end of the Hillside Avenue cul-de-sac owned by Jane Dunstan had sold for about $11 million.

Last August, Silberman’s Moshav Development company bought the house next door for $21 million from Angela Teplitsky, the former wife of property developer Michael Teplitsky.

The 2700-square-metre holding at the end of Hillside Avenue has gun-barrel Harbour Bridge views.

The redevelopment plans are disclosed in recently lodged DA plans before Woollahra Council seeking approval to demolish and subdivide the holding into three lots.

Top-end site amalgamation is nothing new in Vaucluse. Last year Alexander Ma, son of Hong Kong press baron Ching-Kwan Ma, paid about $55 million to buy two waterfront Vaucluse houses on Carrara Road amid plans to redevelop it into three residences.

The two waterfront houses and two streetfront houses behind bought by Leon Kamenev for $80 million. Photo: James Brickwood

Vaucluse is home to some of Australia’s most expensive land acquisitions, including the $79 million paid by Menulog co-founder Leon Kamenev in 2016 for four houses on nearby Coolong Road to create a private waterfront estate.

The Vaucluse mansion sold by James Packer for $70 million in 2015 is set on what were three houses bought for more than $30 million in 2009 and 2010 before the main residence on title was redesigned by Tzannes and Associates into the mega-mansion known as La Mer.

The Tudor-style house in Vaucluse bought by Anthony Medich before DA-approved plans could be implemented.

Property investor Anthony Medich also now owns adjoining Vaucluse residences after he paid $6.85 million for a Tudor-style house set behind his historic Djirang residence before DA-approved renovation plans could be implemented.

Medich, joint head of Medich Corporation with his dad Roy Medich, has been based at Vaucluse since 2015 when he bought the F. Glynn Gilling-designed residence for $12.8 million, and last year lodged DA plans of his own for a Tobias Partners renovation.

Medich’s own DA plans coincided with his neighbours’ approved plans to develop the attic level at a cost of $1.48 million, but before work could commence the owners have sold the property to Medich instead.