36 Ocean Rd, Palm Beach has a $42m price guide.
A glamorous beach hideaway owned by hedge fund manager Mike Messara, who runs Caledonia Global Fund alongside Will Vicars, is betting on an $18m profit on Ocean Rd.
The trophy Palm Beach weekender, once owned by late media legend Sam Chisholm, has been listed with Michael Pallier and Francis Egan of Sydney Sotheby’s International.
On the market with $42m price expectations, the luxury oceanfront home would hit a new benchmark for the suburb, which currently sits at $40m, held by the Iluka Rd mansion Ian Malouf bought in 2022.
Messara paid $24m for the 2560sq m property just weeks before the world went into lock down in early 2020 in the suburb famous as the primary filming location for the Seven soapie Home and Away.
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The Susan Rothwell-designed beach pad opens straight onto the sand.
It’s considered to be one of Palm Beach’s most exceptional residences.
Back then, the house, known as Melaleuca, had been listed by Chisholm’s Melbourne-based daughter Caroline Jumpertz, who offloaded the trophy beach house after 26 years of family ownership.
Sitting at the Cabbage Tree Boat Harbour end of the beach, the five-bedroom, six-bathroom compound is considered to be one of Palm Beach’s most exceptional residences.
“It’s the most gorgeous beach house I’ve ever seen. It’s just incredible,” Pallier said, adding that while the prestige market is feeling downward price pressure, some homes are riding out the storm.
“I think these very special properties are still very desirable. It just goes to show by looking at the neighbours. It’s billionaires’ row along there. It’s such a prized spot.”
The sprawling ground floor layout wraps around a central alfresco entertaining space with a grand deck, mineral pool, spa and a poolside powder room.
There are five glamorous bedrooms.
And six marble bathrooms.
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The resort-style estate is flanked by VIP residences such as billionaire Gretel Packer’s $24 million home and the Kalua estate that sold in 2012 to retired car dealer Laurie Sutton for somewhere between $23m and $25m.
The Susan Rothwell-designed beach pad at 36 Ocean Rd has been extensively renovated during his nearly seven-year ownership.
A new kitchen includes a handmade French Lacanche stove, a 5m marble island with integrated butcher’s block and a commercial cool room while the bathrooms feature limestone heated floors.
The sprawling ground floor layout wraps around a central alfresco entertaining space with a grand deck, mineral pool, spa and a poolside powder room.
Another deck offers an alternative outdoor dining zone complete with fire pit and a vast level lawn framed by towering palms leading straight out to the beach.
The contemporary upgrade includes cedar shutters, repurposed timber floorboards.
There is a boat shed and self-contained guest suite with independent access.
The first floor houses a separate bedroom suite with a walk-through wardrobe and ensuite, retreat or office as well as a top floor viewing deck with an expansive Pacific Ocean panorama.
Additionally, there is a boat shed and self-contained guest suite with independent access.
The contemporary upgrade includes cedar shutters, repurposed timber floorboards and Travertine and Limestone tiles, Heat & Glo instant gas fireplaces, bespoke joinery, elevator, built-in day beds, a large laundry with walk-in linen press, and multiple storerooms.
There is also an external inclinator and a showroom double garage.
Melaleuca is footsteps from local cafes and the walk to Barrenjoey Lighthouse.
Outdoor entertaining with ocean views.
Former owner Sam Chisholm was one of the most colourful figures in Australian media until he died in 2018, aged 78, having led the Nine Network during its heyday in the 1970s and ’80s.
In 1994, Chisholm had bought what was a modest weatherboard house for $3.1 million, later commissioning the Rothwell design.
Prior to that, the property was home to novelist Morris West, author of The Devil’s Advocate and Children of the Sun, who sold it in 1978 for $195,000.
Messara is selling the beach house to spend more time in Caledonia’s New York office, but will be holding on to his two properties on Awaba St, Mosman which are currently being transformed into a multimillion-dollar compound.
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