Shao family emerges as record setting buyers of Washington Street, Toorak penthouse
The local Shao family have emerged as the buyer in the record setting Toorak penthouse which came with initial $20 million hopes.
They managed to secure the Washington Street apartment for $14 million, then buying the display furniture, almost double the prior $8.2 million record.
The sale triggered an explosive commission battle between two top estate agents which went public despite the Real Estate Institute of Victoria's attempt to resolved it on a confidential basis.
The developers Orchard Piper also had celebrity US agents the Altman Brothers lending their name to the marketing.
The 1000 square metre space boasts pool, yoga room, sauna, and 1300-bottle wine cellar, plus private lift from its four car garaging.
One of six residences in the development, its occupies the entire third floor.
The priciest Toorak apartment this year has been down the road where developer Venise Reilly, a pioneer in the construction industry, sold a Washington Street penthouse off the plan for over $7 million to a Toorak local.
The sale of the 320 square metre residence, a collaboration by Visioneer Builders with Domaine Partnership, was secured by Kay & Burton colleagues Michael Armstrong, Tom Staughton and Phillip French.
This article first appeared in The Weekend Australian.
