Port Melbourne [email protected] penthouse scores sky-high record price


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Property developer Elias Jreissati has sold this Port Melbourne penthouse for $16 million.

A penthouse sale worth a whopping $16 million has obliterated Port Melbourne’s residential price record by almost $9 million.

Property developer Elias Jreissati finally offloaded his two-storey sky mansion atop the [email protected] building in his fourth attempt to sell it, via several real estate agencies, since 2013.

The Bensons Property Group founder and chairman most recently relisted the five-bedroom, five-bathroom pad at 191/85 Rouse St with RT Edgar Albert Park in June 2018, with an $18 million asking price.

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The rooftop terrace has room for 100 people, and a spa.

The penthouse sprawls over more than 1000sq m.

RT Edgar Albert Park director Gerald Betts could not comment on the details of the sale.

But a Melbourne resident who obtained Foreign Investment Review Board approval has been confirmed as the buyer.

The sale smashed Port Melbourne’s $7.05 million benchmark, set by a luxury beachfront house at 25 Beach St in May last year, CoreLogic records show.

The price is likely to have eclipsed the records of several surrounding suburbs as well.

Mr Jreissati has been trying to sell the penthouse for years.

The buyer was a Melbourne resident who needed FIRB approval.

Highlights of the Rouse St penthouse include uninterrupted 360-degree views taking in Port Phillip Bay and the city skyline, a 100-person rooftop terrace with a spa, and an 1800-bottle cellar.

Each floor had its own kitchen and the home was accessible via a private lift.

It offered 1040sq m of living space, inside and out, and a luxe low-maintenance lifestyle.

Uninterrupted 360-degree views were a highlight of the home.

One of the penthouse’s five bedrooms.

Mr Betts told the Herald Sun last year that Mr Jreissati had decided to relist the apartment because he was spending more time at his Yarra Valley winery, Levantine Hill Estate in Coldstream.

Mr Jreissati has also owned a level-85 apartment shell and level-82 apartment in Eureka Tower.

The former was on the market at the same time as the Port Melbourne penthouse in 2017, asking $15 million, and Mr Jreissati lived in the latter at that time.

The Port Melbourne transaction comes hot on the heels of another multimillion-dollar apartment sale, in which prominent businessman Greg Hargrave offloaded his full-floor CBD pad to hospitality bigwig and former Inflation nightclub owner Fab Ippoliti for about $14.5 million.

An 11th-floor East Melbourne abode being trumpeted as the “southern hemisphere’s largest single-level apartment” is also on the market for a massive $46 million.

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The view takes in the CBD and Port Phillip Bay.

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