Shark Tank star banks $1 million a year on Double Bay digs

PHOTO: Andrew Banks (centre) and the Shark Tank sharks, which have had four seasons before finishing up on the Ten Network this year. SMH

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Celebrity businessman Andrew Banks is no stranger to making healthy capital gains on his Sydney real estate. After all, his former home, the Point Piper mansion Villa Veneto, took two years and $15 million to build, but he sold it for $52 million in 2010.

However, there was no such rebuild of the historic Victorian Italianate investment property he bought for $6.065 million in the Double Bay village almost fours ago.

**The Double Bay terrace last traded in 2018 for more than $6 million.**

It was left to the biggest property boom in Sydney’s modern history to see it sold quietly for $9.8 million to Chi-Lan Janet Cheng, which effectively made him about $1 million for every year he owned it.

The judge on Ten’s former reality show Shark Tank had purchased the three-bedroom house in 2018 when it was sold by fellow recruitment industry boss Joel Barbuto.

Incidentally, the Bankses are still Point Piper locals, having returned to their former stomping ground in 2017 to pay $21 million for the home of medical device entrepreneur Dr Charalambos Revelas and his wife Mary.

Carmel’s many notable identities

The landmark trophy home Carmel in Edgecliff has been owned by plenty of notable Sydney identities since it was built in the 1930s for prominent stockbroker Stanley Utz, and its latest $23 million buyer is no exception.

**Carmel is set on almost 1300 square metres and was designed by F. Glynn Gilling in the 1930s.**

Paul Hopper is a renowned biotech entrepreneur best known for his biotech ventures Imugene, Chimeric Therapeutics and Viralytics, the latter of which was acquired by Merck in 2018 for $500 million. And his wife Deborah Coleman this week settled on Carmel after it was sold by Ballard’s Clint Ballard and Ben Cassen for a suburb house price record.