PHOTO: Point Piper, Sydney – Australia. MANSION GLOBAL
At the northernmost tip of Point Piper lies a cluster of Australia’s most prestigious residences, notably Altona, alongside neighboring mansions belonging to prominent figures such as former Prime Minister Malcolm Turnbull, Seven’s Bruce McWilliam, and publican Bruce Solomon.
Amidst this enclave of luxury properties stands a duplex, soon to be unified under single ownership by a family, poised to undergo transformation into a singular, equally illustrious trophy home akin to its esteemed neighbors.
The Point Piper waterfront homes owned (left to right) by Bruce Solomon, Bruce McWilliam, the Cranes and the billionaire Huang family in Altona. CREDIT: DOMAIN
Originally built in 1902 for Lawrence Hargrave, the Point Piper residence has returned to the Crane family, its former proprietors. Prestige real estate agents appraise the prime properties on Wunulla Road at up to $100 million, and sometimes more, owing to the high demand for harborfront real estate with optimal views. Illustrating the premium attached to an iconic Harbour Bridge vista, a property across the street lacking such a view fetched $68 million last year, purchased by LaserClinics co-founder Alistair Champion.
The Point Piper house built in 1902 for Lawrence Hargrave has been returned to the Crane family who once owned it. CREDIT: DOMAIN
Caroline Crane, daughter of the late Olympic yachtsman Colin Ryrie, and her husband, Glenn Crane, local chairman of investment advisory firm Dimensional Fund Advisors, acquired the lower portion of the duplex in 1987 for $950,000 from a family entity.
Glenn Crane, who serves as executive chairman of Dimensional Fund Advisors Australia, was instrumental in the recent acquisition of the upper portion of the property, listed late last year for $19 million by Sotheby’s Michael Pallier. Recognizing the inherent value in consolidating the entire property, the Cranes reportedly secured the other half for $18 million, though specifics were not disclosed by Pallier.
Originally constructed on nearly 1000 square meters of land with a rock pool included, the house, designed by architect Arthur McCredie, was divided into two apartments in 1981 by Crane’s grandmother, Altona Lillian Ryrie, with the upper unit subsequently sold to the Glasser family for $450,000.
SOURCE: SMH