Flats add to estate's riches

By Nicole Lindsay
Herald Sun
The estate of multi-millionaire developer Peter Rand is proving to be a pot of gold. Valued at around $20 million when Mr Rand died in 1997, the estate has yielded $32.44 million in property sales alone this year.

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The colourful South Yarra tycoon died in 1997, but his estate was fiercely contested.

Toorak couple Paul and Pamela Harpur were refused leave to appeal to the High Court last year, and Rand's long-time companion, Michael Aquilina, now has control of the estate.

Rand's Sorrento beach shack sold for a record $18.4 million last month. The 1.2ha property, known as The Sisters, was the location of Victoria's first settlement in 1803.

Last week, TBM agent Rodney Morley sold two blocks of flats belonging to the estate.

In Richmond, a cream-brick block at 26 Rotherwood St iwas auctioned before a large crowd.

Mr Morley says the property was placed on the market at $2.76 million and after strong competition from six parties, it was knocked down for $3.04 million.

Later the same day, Mr Morley auctioned the second set, a block of 42 flats at 168 Power St, Hawthorn.

"It was probably the largest apartment offering in memory," he says.

"It was auctioned before a crowd of approximately 120 people. After an opening bid of $9.5 million, six bidders carried the auction to $10.56 million," he says.

After instructions from the executors, it was on the market and strong bidding resulted in the sale price of $11 million. 

"Given the doom and gloom in the property market we felt both these results were outstanding and demonstrated the depth of buyers for quality offerings," he says.

The flats were on separate titles. Other properties in the estate include a South Yarra mansion.

Caption: Beach hideaway: the Point Nepean Rd property in Sorrento owned by the estate of late property developer Peter Ryan.


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