Caledonia Investments fund manager Mike Messara’s $25m mansion sale becomes second highest in Mosman
The five-bedroom, six-bathroom house with pool in Mosman’s ‘golden triangle’ was a big renovation project for former owner Geoff Morgan, co-founder of recruitment giant Morgan and Banks, and his wife , Roslyn. The Morgans sold him to Whitford in 2014 for $16 million.
Mosman’s high-end housing market has remained largely immune to the broader market downturn in recent months. This is due to the acute shortage of trophy homes for sale and an increase in demand among wealthy buyers.
Last week, former recruiting boss Katie Adamo and her husband, prominent dentist Daniel Adamo, sold their Mosman home in Clifton Gardens for more than $18.5 million, realizing a capital gain of more than 4 million dollars in the 17 months they owned it.
Buyer’s agent Deborah West, of SydneySlice, says the ultra-prestigious Lower North Shore and Eastern Suburbs market is suffering from the most acute shortage of inventory she has witnessed.
“We’ve never had so many prestige buyers over $20 million,” West says.
“You’d think having $30 million to spend would make finding a house a lot easier, but it’s actually very difficult. We have had buyers at this level who have been searching for 12 months.
Last month, Julina Lim, matriarch of the Oceania Property Development family, sold her Vaucluse home for around $27 million, realizing a $2 million capital gain each year she owned it. The home was last traded in 2015 for $12.85 million.
The Vaucluse sale came just weeks after a home on nearby Carrara Road sold for around $26 million, more than double what it traded in 2020.
This story first appeared in The Sydney Morning Herald and age.