Almost $50 million to knock down a house. That is how much one buyer has spent on an exclusive Toorak estate as Melbourne's most expensive suburb becomes a haven for modern mansions.
The 1920s generational estate boasts seven bedrooms, a palatial reception area, and sprawling botanic gardens, offering a leafy green dream in one of the country's most prestigious suburbs.
But this taste of the Mediterranean in the heart of Toorak could soon become another construction site.
"It sits on approximately 3,500 square metres of land. You could say it's been bought for land only," buyer advocate Nicole Jacobs said.
The property is not under a heritage overlay, meaning it could be knocked down.
"The purchaser really is at their discretion as to what they want to do with it," Jacobs said.
7NEWS understands the property has been snatched up by an international movie star couple, a world-famous Taiwanese actor and singer known as one of the most influential figures in Asian pop.
The property was listed between $45 and $50 million, with its final selling price undisclosed.
There are more than a dozen properties currently on the market in Toorak for $20 million or more, with both local and international buyers flooding the area, all hoping to get their hands on a tightly held trophy home.
"The international reach and even our national reach gives us access to a unique database of really high-end buyers," Antoinette Nido from Sotheby's International Realty said.
The sale comes as new data reveals Australia's billionaire club is growing at one of the fastest rates in the world.
