Yacht broker Ian Malouf of Ahoy Club has relinquished one of his two coveted beachfront properties in Palm Beach.
The seven-bedroom, four-bathroom estate named Moondoggie, situated on a 617-square-metre block, recently went under offer for approximately $25 million through LJ Hooker agents David and BJ Edwards.
This transaction marks a significant turn since Malouf’s acquisition of the property in December 2021 for approximately $20 million from Joanna McNiven, widow of the late bond dealer John McNiven. Notably, Moondoggie had initially changed hands for a modest $2.06 million back in 1997.
The decision to part ways with Moondoggie comes amidst Malouf’s strategic real estate manoeuvres, as he had also listed his adjacent property, Gidget, for sale with LJ Hooker. Gidget, boasting a vibrant 1960s Palm Springs-inspired renovation since its acquisition for $18.6 million in early 2022, features five bedrooms, four bathrooms, and sits on a 613-square-metre plot adjacent to Snapperman Beach Reserve, adorned with leopard-patterned carpet.
Malouf, commenting on the rationale behind the listings, attributed the move to an excess of luxury properties within the same locale, stating, “It’s too many toys on one street.” He had initially aimed to fetch a combined sum of $65 million for both properties.
Despite the hefty price tags on Malouf’s properties, PropTrack reports that Palm Beach’s median house price has decreased modestly by 3% over the past year, coming in at $4.85 million.
However, this hasn’t deterred other high-profile transactions in the area, with the Roche family, renowned for their Nutrimetics empire, making notable acquisitions. Their purchase of a nearby weatherboard holiday home for $16 million this year, along with the $21 million acquisition of Palm Haven, the acclaimed Phillip Cox-designed residence, in 2020, further exemplifies Palm Beach’s allure among affluent buyers.
Malouf, renowned for his entrepreneurial ventures, notably selling his Dial-a-Dump business to Bingo Industries in 2018 for a staggering $577 million in cash and shares, has outlined his plans to retain his nearby double-block home, Anakela.
This property set the $40 million price record in late 2022, underscoring Malouf’s ongoing investment in prime real estate assets.
Moreover, Malouf and his wife Larissa have recently expanded their Double Bay compound with a $9.5 million addition to a two-lot cul-de-sac harborfront consolidation, further solidifying their footprint in Sydney’s prestigious real estate market.
With his entrepreneurial acumen and burgeoning wealth, Malouf’s ventures extend beyond residential real estate. Recently valued at $1.13 billion by The List: Richest 250 in The Australian, Malouf is venturing into the development arena with his first residential property project on the Gold Coast at Broadbeach.
REMI Developments, a Malouf family company in partnership with developer Peter Wilding, is poised to unveil a 30-level, 49-residence tower known as REMI Residences. Offering buyers the unique opportunity to experience the rental lifestyle before committing to purchase, units are priced at $2.5 million, catering to discerning buyers seeking luxury living on the Gold Coast waterfront.
Published Date 01-May-2024
