John Schaeffer's Bonnington, Bellevue Hill sells at loss
The Tudor-style Bonnington in Bellevue Hill sold at its onsite mid-week Ray White auction for $20.4 million, in a competitive atmosphere between three bidders.
But the vendor, Sydney art collector John Schaeffer, accepted less than the $20.5 million paid last year.
It was announced on the market by auctioneer James Keenan at $19.7 million.
It was marketed through Ray White Double Bay agents Elliott Placks and Ashley Bierman.
In between Schaeffer advised he had “significantly refreshed and improved” Bonnington, revealing he'd removed old carpet, restored timber floors and replaced electric switchboards and lighting during his very brief ownership.
Given the $1,375,000 stamp duty fees and other costs, Schaeffer needed $22 million plus to make his money back on his fix and flip of Bonnington.
There is plenty of equity held by Schaeffer based on the registered mortgages.
The 1930s six bedroom home was designed by acclaimed architect F. Glynn Gilling.
The home was in the Christie family for 56 years.
It sits on over 2,200 square metres.
Schaeffer once called the more impressive Rona at Bellevue Hill his home.
The 1880s hilltop estate was sold 13 years ago to the property developer Terry Agnew and his estranged wife, Kyril, who are rumoured to have agreed terms for its sale.
