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Key points

  • The 10-bedroom residence was home to late billionaire David Hains.
  • It was recently renovated to bring it up to date with a new paint job and updated flooring.
  • It’s for sale with a price guide of $39 million to $42.5 million. 

Property listings

The Toorak home of the late businessman David Hains has hit the market again, and after a refresh and renovation, it has a whole new look.

Once home to Keith Murdoch, father of Rupert, the Georgian Revival home, with 10 bedrooms and seven bathrooms, was offered off-market in February, and was listed in autumn.

The home was withdrawn from sale, before being revamped and re-listed last week. It has price expectations of $39 million to $42.5 million.

A new coat of white paint has been added, replacing some of the salmon-coloured walls that gave it a time capsule feel when previously on the market.

A matching carpet has also been removed, and the living room now sports floorboards, while the foyer features tiles.

It has also had styling with new furniture suited to the home’s fresh look. Outside, the pool sits among the property’s manicured gardens.

Marshall White Stonnington director and auctioneer Marcus Chiminello said the property had been given a major cosmetic overhaul.

“It’s made it a beautiful, light and airy home,” he said. “It conveys to a potential buyer that it doesn’t need an overwhelming amount of work done.”

Top-end buyer’s advocate with Morrell and Koren, David Morrell, said the property had been renovated as it had previously failed to sell.

He said the most expensive end of the Melbourne market was still hot, with another property at 231 Kooyong Road, Toorak selling at a boardroom auction on Wednesday night.

The house has had a full makeover.Credit: Marshall White

The residence is light and airy.Credit: Marshall White

The property had a guide between $8.4 million and $9.24 million, but after five bidders went toe to toe, it sold for $12 million, he said.

“You’d think that the whole dramas overseas [war in the Middle East] would be a cause for pause, but it’s been the opposite,” he said.

The home has been dubbed the ‘prettiest house in Toorak’.Credit: Marshall White

The house is set in manicured gardens.Credit: Marshall White

He believed the buyer of the Hains family property would be a Melbourne resident, wanting to buy the “prettiest house in Toorak.”

The home on Albany Road was listed after the death of David Hains in January, at the age of 92.

The street is also known as billionaires’ row as neighbours include business luminaries such as Premier Investments chairman Solomon Lew and shopping mall magnate John Gandel.

Hains founded hedge fund Portland House Group, estimated to be worth around $2.9 billion.

He bought the Albany Road mansion, on 3616 square metres of land, with his late wife Helen for $108,000.

It had some strong business credentials as the property was purchased by Sir Keith Murdoch, father of former News Corp executive chairman Rupert Murdoch, in 1947, and was his home until his death in 1952. It was sold the following year for £35,000.

Hains is survived by five children, with his eldest son Stephen Hains now director of Portland House Group. Sons Richard and Michael are also managers there.

His daughter, Cathy, is a thoroughbred horse breeder and trainer, taking after Hains’ own passion for racehorses, and his son Paul is founder, CEO and editor of digital magazine Aeon.

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