Historic Darlinghurst mansion Iona sells for $37.5 million after contested private bidding
The 19th-century Italianate estate, once owned by Baz Luhrmann and Catherine Martin and visited by Nicole Kidman and Tom Cruise, changed hands following a rapid sale process
A heritage-listed Italianate mansion in Sydney's inner-city Darlinghurst has sold for $37.5 million after a hotly contested private bidding process, real estate reports said.
The 2,716-square-metre estate, known as Iona, was listed and withdrawn at different price points over the past year before attracting four offers when it was relisted. The successful buyers, reported to be a family from Sydney's eastern suburbs, settled the purchase 12 days after offers opened.
Iona occupies a secluded, tree-lined site about 2 kilometers from the Sydney central business district. Completed in 1888 and at times used as a private hospital, the seven-bedroom, seven-bathroom residence combines Victorian-era detailing with later additions and modern amenities. Features noted in sales material include ornamental iron lacework, stained glass windows, tessellated tiling, a private drawing room, cellar, billiards room, oversized kitchen with a butler's pantry, private dining room, a main bedroom suite with a large dressing room and verandah, nursery, library and a separate private apartment. Contemporary installations added by recent owners include a large pool, an entertainment deck, gym facilities, water features and a Japanese garden.
The property drew attention for its association with filmmaker Baz Luhrmann and production designer Catherine Martin. Luhrmann and Martin leased the house in the late 1990s and used it as a home and an office base for their production company, Bazmark. They purchased Iona in 2006 for $10 million after working on films including Strictly Ballroom and Moulin Rouge. High-profile visitors reportedly included actors Nicole Kidman and Tom Cruise, who attended a party at the home in 2000 to celebrate the wrap of Moulin Rouge.
Luhrmann and Martin sold the property in 2016 for $16 million to stockbroker Tim Eustace and his partner Salvador Panui, who carried out a series of improvements. The current owners first put Iona on the market last year with a $40 million asking price but withdrew it after about five months without a sale. It was subsequently relisted with a new guide of $27 million; the final accepted price climbed about $10 million above that guide during the private bidding process, according to reports.
Real estate market watchers said the transaction underscores continued demand for high-end, character homes in desirable inner-city locations, though broader market conditions have prompted some vendors to recalibrate pricing strategies. The sale comes amid a patchwork of activity in Sydney’s luxury market, where well-located, heritage properties often attract interest from local buyers seeking large urban estates with period features and room for modern amenities.
The sale was reported by the Wentworth Courier and covered in national media. No broker or agent comments were immediately available; settlement details beyond the purchase price were not disclosed.
Iona remains one of Sydney's better-known private mansions, notable for its 19th-century architecture and its links to Australia's film and design community, as well as for the sequence of ownership and renovations that have taken place over the past three decades.