The Smorgon family heirs Norman and Tania Smorgon have sold their Melbourne estate for $16.2 million. They unfortunately failed to break the record of $24 million for such a sale in the area as many had thought that they would do.
That represents more than a 600% return on the property which the family acquired back in 1995 for only $2.45 million.
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Built in the 1920s and located at 750 Orrong Rd, the two story six bedroom mansion features oak floors, open fireplaces a deluxe kitchen with marble surfaces, Gaggenau appliances and a walk-in fridge.
The estate sits on an area of more than 55, 000 square feet, has a tennis court and of course a swimming pool. It is not, however, in a secluded area as one might expect. It is instead located in the middle of a residential neighborhood with a block of five story apartment buildings directly behind it. But there is a wall of trees around the property that give it privacy.
Norman Smorgon is the head of Escor, the private company that handles the family’s finances. The company was created by Eric Smorgman, Norman’s grandfather and the founder of Smorgon Consolidated Industries.