The cashed-up garbo turned yacht broker Ian Malouf has smashed the residential price record at Sydney’s pricey summer playground, Palm Beach.
He has spent around $40m on the luxury beachfront home, Anakela overlooking Pittwater, which will be a getaway for Malouf, his wife, Larissa and their five children, Jack, Max, Ed, Lara and Ellie.
The double fronted 1948 sqm property was bought last week off market from the Uncle Toby’s breakfast cereal company founder Doug Shears.
It bettered the existing $27m beachfront record set three doors away when the hospitality entrepreneur John Szangolies bought last year from Virginia Nelson, widow of the tobacco wholesaler tycoon, Arthur Nelson.
It’s a who’s who of Sydney along Iluka Rd including publican Arthur Laundy, retailer Nick Scali, Laser Clinics Australia co-founder Alistair Champion, Peter and Christa Satouris of Peters of Kensington, along with Roger Massy-Greene, the former chair of the electricity distribution company Ausgrid and his wife Belinda Hutchinson.
The Iluka Rd house is the latest in Malouf’s $200m spending spree, topped by his $60m purchase of the ANZ penthouse on Sydney’s Castlereagh St in May last year from the property developer John Boyd and his wife, Marly.
Malouf, who sold his Dial-a-Dump business to Bingo Industries in a $577m cash and shares deal in 2018, now owns three houses on Iluka Rd.
His nearby single block acquisitions cost $20m and $18.6m over the past 20 months.
His yacht Mischief has been sailing between Pittwater and Sydney Harbour in recent weeks.
Shears, the 76 year old agrifood entrepreneur had purchased the home for a record $15m in 2007.
It was bought from the late Jewel Food Stores tycoon Jim Fleming and his wife, Angela who’d paid a record $3.65 million in 1995.