The $50m grand Melbourne home that could soon be knocked down

A grand home worth about $50 million on one of Melbourne’s most sought-after streets could soon be replaced with a new residence or a luxury apartment development.

The seven-bedroom home at 6 St Georges Road, Toorak has been offered for sale for the first time in 50 years with a price guide of $45.5 million to $50 million.

Set on an oversized block of 3509 square metres, the 1920s Mediterranean revival style house has nine bathrooms and parking for seven cars.

There is a granite kitchen with butler’s pantry, formal and informal living spaces, botanic gardens, a Hollywood Hills-style swimming pool, a studio space next to the garage and an extra building with capacity to host guests.

The home is the deceased estate of Zofia Kipen, whose husband was the late Symcha (Sam) Kipen, brother of Israel Kipen, co-founder of Mount Scopus Memorial College, Australia’s first Jewish day school.

Agents on the listing are Antoinette Nido, managing director for Stonnington at Melbourne Sotheby’s International Realty, and Max Ruttner.

“It is one of the most generational and landmark opportunities to hit the market for some time,” Nido said, highlighting its corner position on coveted St Georges Road.

She said the home is very liveable for a family as is or could be renovated, but since it has no heritage restrictions, it would also suit a buyer who wanted to start again on the site to create their dream home or a multi-residential development.

“We are expecting strong interest from both local and international buyers looking to create a generational single estate as well as develop a significant prestige project, and I think the landholding does provide unrivalled potential,” she said.

She declined to comment on the vendor.

Nido expects strong interest from local and international buyers during the spring market.

“[The market] is active and there is a lot of optimism in the market at the top end. The fact there are a lot of listings at that high end, it shows there is confidence in the market,” she said.

The agency has also listed a Queen Anne Federation home on one of the largest landholdings in Malvern East with a $12 million to $13 million guide.

Known as The Gables, the five-bedroom home at 15 Finch Street in the sought-after Gascoigne Estate is set on 3465 square metres.

It features a ballroom, dining rooms and a commercial kitchen and bar and has hosted weddings and celebrations.

Toorak’s median house price was $3.93 million over the 12 months to June, down 31.2 per cent on the previous 12 months, on Domain data. Malvern East’s median house price is $1,945,000, down 3.6 per cent in the past year.