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Paul Cave, the founder of Sydney’s BridgeClimb, is offering buyers a discount for his Central Coast holiday home.
The businessman put his Pearl Beach abode of around 18 years on the market in October last year, making plans to spend more time at his Southern Highlands house.
There was no price guide at the time, but listing agent Stuart Gan of Christie’s International Real Estate NSW, referenced an $8.9 million auction result last September for a property at Coral Crescent in Pearl Beach.
The four-bedroom, three-bathroom residence is now “reduced to sell” with a price guide of $7.5 million to $8.25 million, according to the listing.
“After many years of enjoying the delightful Pearl Beach residence, our client is motivated to move the property in a timely manner,” Gan told this masthead.
“Consequently, we have adjusted the price guide accordingly which provides astonishing value and an opportunity rarely seen in the past decade.”
The home has been renovated since Cave purchased it for $5 million in 2007. There are wraparound verandahs and direct beach access.
Multiple prestige listings have seen a reduction in asking price recently, with vendors prepared to meet the market.
El Jannah co-founders, Andre and Carole Estephan, have reduced the $11 million guide set in February for their Dural home, to $8.95 million to $9.35 million. Surfboard company founder Hayden Cox has reduced the $16 million guide for his Palm Beach mansion set late last year to $14 million.
Listing agents for a Point Piper mansion are offering a discount of about $10 million. The residence hit the market in May with a price guide of $50 million to $55 million, local sources revealed to this masthead at the time. However, the buyer’s guide is now $41 million to $45 million, as stated on the listing.
BridgeClimb allows tourists and locals to climb the Sydney Harbour Bridge’s steel arch and soak in the harbour views. Cave founded the iconic business and was the chairman from 1998 to 2018.
He is currently chairman of Clyde Bank Holdings and was previously the non-executive director of Domino’s Pizza and interim chairman of jewellery retailer Lovisa.
Heritage mansion to undergo reno
The mystery buyer of a Hunters Hill mansion, which set price records when it sold, has lodged plans with council for a significant renovation. The cost of the works are estimated to be about $3.3 million.
David Murray, a former chief executive of the Commonwealth Bank, and his wife Stephanie, sold their six-bedroom, five-bathroom heritage manor for a suburb record of $26.25 million. Settlement documents from April show the property has been transferred to a mystery buyer, as the home settled to a company name linked to a property lawyer from law firm Pigott Stinson.
Plans lodged with council in June by architecture firm Morson Group reveal proposed alterations or additions to an existing building or structure.
Demolition works include installing a new en suite in the main bedroom, as well as a lift and staircase in the guesthouse.
The plans showed that lower ground floor works are to include minor alterations to the existing floor plan to create a wellness centre with a meditation lounge, spa and ice bath, an oxygen therapy room, steam and sauna facilities, a linen cupboard and storage for oxygen and related medical supplies. After this masthead contacted the architect for comment, the plans visible on the council website were then updated to blank out details of the wellness centre.
Records show the Murrays purchased one property for $3.3 million in 1999 and then bought the home next door for $4.1 million in 2005 to make one grand estate. There is a tennis court with harbour views, a pool, gym, multiple al fresco entertainment zones and a boat shed.
Interiors feature curved archways, ornate ceilings, stained-glass windows, plush carpet and a contemporary kitchen.
The $26.25 million sales figure surpasses the previous suburb record of $26.1 million that was set in December 2024 with the sale of a five-bedroom, four-bathroom house, sold to property developer Oscar Gonzalez and his wife Maria, from businessman Ma Kin Kwan.
Murray retired in September 2005 after 13 years in the Commonwealth Bank’s top job. He confirmed that he would get a payout of at least $25 million, as previously reported by The Australian Financial Review.
Restaurateur serves home to the market
Nick Kyprianou of Sydney restaurant group Pony Dining has put his Southern Highlands home on the market with a price guide of $2.95 million, ahead of the brand’s expansion including a new venue in Sydney’s Barangaroo.
Kyprianou purchased the existing dwelling on the site for $750,000 in 2021, records show, and rebuilt a four-bedroom, two-bathroom country residence in Bowral.
“We need to be based in Sydney,” Kyprianou said of his and wife Maria’s decision to sell.
“While it’s difficult to part with a home that holds so much meaning, we believe it’s time for another family to enjoy everything this property offers.”
A pebbled driveway leads to a contemporary house with herringbone floors, custom cabinetry, marble detail and an entertainer’s terrace.
Anita Roelevink of Highland Southern Highlands is selling the property.
