It is a 40-year old “renovator’s delight” that has been in the same hands for 40 years, needs a bit of TLC but has still managed to net more than $30 million for the estate of the late Salvatore Paino.
He built his dream home on the 860sq m block which he bought for a modest $130,000.
Sitting on the waterfront at 106 Wolseley Rd at the very point of Point Piper, this harbourside mansion has 180-degree postcard views of the Harbour Bridge and Sydney’s CBD skyline.
The $30 million-dollar pile is a multistorey residence on 860sqm described by agents in its marketing material as “awaiting an update to reflect its unsurpassed water frontage and first-class backdrop”.
The pricey property has had a colourful past which has drawn a great deal of media attention. For years Paino, a successful hotelier and developer, and his billionaire neighbour, Westfield boss Frank Lowy, waged a legal war for years over the size of Paino’s balcony.
Eventually Paino won the battle, but now the new owners of number 110, who are said to be local Sydneysiders, could redevelop the whole property.
The same multimillion-dollar residence was in the news again in 2012 when Paino awoke to armed and masked intruders who broke into the property demanding money from the hotelier at knifepoint.
Paino passed away the following year at the age of 84.
His former home also features a swimming pool, entertainment deck, pool and boat house, five bedrooms including a luxury main suite with terrace access, walk-in wardrobe and dressing room plus ensuite.
Michael and James Dunn, of Richardson and Wrench Double Bay sold the property in conjunction with independent agent Enza Messina last night after several months of negotiations.
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