AN extravagant St Kilda East mansion has been relisted for about $1 million less than it originally hit the market for last year.

The five-bedroom, six-bathroom house with an indoor pool and its own pond at 11 Lynedoch Ave is now being offered with a price guide of $6.4-$7 million.

Marshall White Port Phillip selling agent Dean Gilbert said this asking price made it “an affordable alternative to Toorak and Brighton”, where a similar house would set a buyer back “$8-$10-$12 million”.

It’s also a substantial discount from the $8-$8.8 million guide the property was listed with by another agency in July last year.

If it had sold within that range, it would have smashed St Kilda East’s house price record of $7.328 million, which has been held by nine-bedroom manor 10 Bickhams Court since 2013.

Mr Gilbert said the new price was “more in the guidelines of what the value of the property is”.

But the palatial inner-city estate could still pose a threat to the suburb benchmark, he said: “Absolutely — the market needs to be tested.

“It offers good value in a great location.”
The three-level house on a 1050sq m block was constructed about four years ago by a builder as his own home.

He’s now selling the remarkable residence to downsize.

It features a pond and waterfall at the front, and a mod-grass court for tennis or soccer out back.
Marble floors, a home theatre, Miele and stone kitchen, wine cellar, sauna and a mosaic tiled pool can be found under its roof.

The opulent main bedroom has three walk-in wardrobes, an ensuite with a spa and a north-facing balcony with city views.

Mr Gilbert said the house’s “attention to detail”, which spawned from having a builder-owner, had been a hit with prospective buyers, led by local families and Asian buyers.
“Every mod-con available has been placed in there,” he said.

SOURCE: www.realestate.com.au
“It’s got all the electrical equipment you need to run a Tesla car and a seven-star rating — it’s like a computer.”

The property is being sold via an expressions of interest campaign closing March 6.