Baz Luhrmann’s Grand Abode Sells

The iconic Italianate estate Iona, owned by Baz Luhrmann, has changed hands after a dramatic four-hour bidding showdown that saw the mansion sell for $37.5M 

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The celebrity couple purchased the rare inner-city property, named Iona, in 2006 for a mere $10 million. Featuring 22 rooms, including seven bedrooms and bathrooms, a temperature-controlled cellar, caterer's gas kitchen, conservatory, sunrooms, gym, large basement, library, as well as spacious balconies, expansive landscaped garden, in-ground heated pool and parking for 12 vehicles, this grand manor house might normally be found on a sprawling country estate. 

Instead, it is ensconced at the end of an unassuming cul-de-sac, minutes from the hubbub of some of the city’s trendiest precincts. 

During their tenure, Baz Luhrmann and Martin hosted parties with a glitterati guest list and ran their successful production company. They sold their stately home in February 2016 at a $6million profit on their purchase price.

The purchasers, Tim Eustace, principal adviser at Mercury Private, and his partner Salvador Panui, made some notable upgrades while retaining the existing original features of the beautifully preserved circa 1880s building. They refurbished the kitchen and cultivated plants in the garden that helped provide more privacy. 

After almost 10 years, Eustace and Panui were also ready to move on. By then, Iona had soared in value, with estimates putting it up around the $40million mark. Its first outing on the market, last year, saw it receive tepid interest. 

The second go around, new agents Sydney Sotheby’s International, put it in the window with a very conservative price estimate. That attracted a handful of very serious contenders and led to a four-hour private bidding battle. Eventually the esteemed property was attained by an Eastern Suburbs family for $37.5 million.