The $88 million Toorak estate that’s likely to face the wrecking ball

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What does $88 million buy you in Melbourne’s prestige property market these days?

An oversized estate in Toorak has been listed for sale with a price guide of $80 million to $88 million, but it’s being pitched as an opportunity for a new home or apartment development.

The block of 6340 square metres across two titles on sought-after Lansell Road has two houses on it now, but they would be unlikely to last long if the new buyer were to pursue a multi-residence project or a new grand home.

Selling agents handling the listing are Kay & Burton’s managing director Ross Savas with Jamie Mi and Nick Kenyon.

“An unencumbered double allotment with two titles of this magnitude in Toorak is exceptionally rare and represents a once-in-a-generation opportunity for those with the vision to create something truly remarkable,” said Savas in an emailed statement.

“We’re anticipating strong interest from both local and international buyers – whether developers looking to deliver a landmark residential project or private families seeking to create a generational estate at Melbourne’s most prestigious address.”

The homes could become a new apartment development or a new grand home.

No interior photos were offered, although one of the existing homes comes with a tennis court.

Public records show the owners of the properties are Weian Zhang and Miaomiao Zhang, who are directors of property development company V-Leader.

A sale at that level would be among the most expensive homes ever sold in Melbourne.

The top sale in Melbourne was the Toorak home of logistics boss Paul Little and wife Jane Hansen, the chancellor of the University of Melbourne. Its price will become public on settlement, but sources have put it variously at $115 million, $135 million or a speculated $150 million.

In the same suburb, crypto casino entrepreneur Ed Craven bought a knockdown-rebuild in 2022 for the auspicious price of $80,000,088.

The median house price in Toorak is $3.93 million, on Domain data for the year to June.