Yachtie incorporates a $40 million beach treasure into their $200 million portfolio

PHOTO: Ian Malouf in his penthouse at the top of the ANZ building in the CBD. Picture: Toby Zerna

Ian Malouf, a prominent yacht broker, has successfully closed his remarkable acquisition of the Palm Beach property, thanks to financial support from Macquarie Bank.

A $40 million house sale at Anakela, Iluka Rd, Palm Beach.

The stunning beachfront residence, known as Anakela, boasts a generous 1948-square-meter holding, overlooking Pittwater. It was purchased for a confirmed sum of $40 million from Doug Shears, the founder of Uncle Toby’s breakfast cereal company. This purchase eclipsed the prior beachfront record of $27 million, established just three doors down when hospitality entrepreneur John Szangolies acquired a property from Virginia Nelson, the widow of tobacco wholesaler tycoon Arthur Nelson.

Iluka Rd, Palm Beach is one of Sydney’s richest streets.

It’s very private and ringed by Pittwater on one side.

https://propertynoise.co.nz/au/dial-a-dump-founder-ian-malouf-breaks-property-record/

Iluka Road in Palm Beach is a neighborhood adorned with Sydney’s elite, including notable figures like Arthur Laundy, Nick Scali, Alistair Champion of Laser Clinics Australia, Peter and Christa Satouris of Peters of Kensington, along with Roger Massy-Greene, the former chair of Ausgrid (the electricity distribution company), and his wife, Belinda Hutchinson. Interestingly, this luxurious Iluka Road property had last changed hands for a record-breaking $15 million back in 2007.

https://propertynoise.co.nz/au/garbo-ian-maloufs-110m-spree-now-includes-30m-double-bay-digs/

This acquisition is part of Malouf’s extensive spending spree, with a total portfolio value of $200 million, highlighted by his $60 million purchase of the ANZ penthouse on Castlereagh Street in Sydney in May 2021, acquired from property developer John Boyd and his wife, Marly.

According to PropTrack data, the median house price in Palm Beach, New South Wales, currently stands at $5.05 million, reflecting a 4.3 percent decrease over the past year.