Stephen Nicholls, Property Journalist
Updated 16 Aug 2023, 3:24pm
First published 15 Aug 2023, 4:44pm
The Vilon apartment has incredible harbour views of the city and icons.
An exclusive $16.5m Point Piper apartment is returning to market after the buyer — whose son has failed to settle on $80m worth of property in Sydney’s east — pulled out of the sale.
It’s the luxury sub-penthouse in the BKH-designed Point Piper development Vilon, which is being developed by Vaughan Blank’s STM Property Group and marketed by TRG founder Gavin Rubinstein.
The would-be purchaser of the 240sq m whole-floor now-complete level-five residence was Yeijin Wang, the father of the Australia-China trade specialist Christian Wang.
Christian Wang, a director of trade consultancies Australink and Electrica Australia, has reportedly failed to settle on $80m worth of property from Vaucluse to Point Piper.
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It’s set for auction on September 13 auction with no price guide and will definitely sell.
There are stunning interiors opening to the huge terrace.
It’s understood Yeijin Wang put down his deposit last March on the three-bedroom, four-bathroom apartment with double parking in the luxury Wolseley Rd block, but the rest of the money wasn’t forthcoming when the other buyers paid up in June.
Rubinstein, who’s now putting the sub-penthouse to September 13 auction with no price guide and says it will definitely sell, declined to comment on whether Yeijin Wang would lose his deposit. But that’s standard procedure when purchasers fail to settle.
The usual deposit is 10 per cent, meaning Wang could lose up to $1.65m.
And should the apartment sell for less than $16.5m, he could also potentially be up for the shortfall.
The Wentworth Courier has tried to contact the Wang family, via email and phone, but so far no response.
The apartment is likely to be popular at auction, given that it’s over the whole floor and has gun-barrel views west from the living area and panoramic views east from the bedroom.
The super-stylish kitchen …
… and bathrooms.
The other four whole-floor apartments have now sold, with title records showing the buyers include veteran adman Malcolm Spry and his wife Helen, famous for the late 1980s eatery Chez Oz, who exchanged for $9m three years ago before building commenced; Mary Ingham, of the Ingham chicken family, who paid $12.6m; and former Proline Sporting Products director Ken Wolpert, who spent $14m on the garden apartment.
The penthouse remains for sale at $25m, though there have been several offers.
In other TRG news, TV couple Peter Stefanovic and Sylvia Jeffreys are on the hunt for a larger home after the quick sale of their modern Double Bay terrace via Oliver Lavers.
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Peter Stefanovic and Sylvia Jeffreys have sold in Double Bay.
The Epping Rd home sold after just 17 days on the market.
Lavers had a $4.5m guide for an August 22 auction for the four-bedroom residence on a 186sq m block, but locked in a sale last Thursday after 17 days on the market. He couldn’t disclose the price, but it’s understood there were offers well above $5m.
Stefanovic, who co-hosts First Edition on Sky News Australia, and Jeffreys, co-host of Today Extra on Channel 9, have two young sons, Oscar and Henry.
The couple, then recently engaged, had paid $2.7m in 2016.
Meanwhile, TRG’s stunning new Rose Bay HQ at 722 New South Head Rd is open for business.
Designed by Esoteriko, the new office is stylishly fitted out like the luxury homes TRG sells, with a stunning concrete circular staircase, Sub-Zero fridges and internal walls that collapse to create a space for Wednesday evening auctions.
The sub-penthouse will be one of the first properties put to auction at the new premises.
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