New property price record as Melbourne mansion sells for $150 million

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The Australian record price for a property has been smashed by a under-the-radar sale of a mansion in Melbourne of around $150 million.

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Formerly constructed in 1867, the two-storey Italianate-inspired manor house comprises 20 internal rooms, expansive gardens, a tennis court, a swimming pool and a cabana.

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The property was sold by property developer Paul Little and his business executive wife Jane Hansen, the Chancellor of the University of Melbourne.

A house in Melbourne's east has set a new record in Australia with a price of $150 million, leaving two properties in Sydney's eastern suburbs - Elaine and Uig Lodge - in its wake, which sold for $130 million.

The couple bought the home in 2002 for $14.5 million and it's reportedly undergone a major renovation.

The mansion was originally built for Victorian businessman and grazier Robert Bruce Ronald, as stated by the Victorian Heritage Council.

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It is architecturally interesting as a connection between the more modest style of the original Italianate homes and the over-the-top boom-style mansions popular in the 1880s,

The property became a Commonwealth rehabilitation facility in 1948, and maintained that role until the 1980s.

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