Baz Luhrmann mansion’s whopping $13m price drop

The price guide for 2 Darley St, Darlinghurst, was $40m with a different agent a year ago. Its new agents have a guide of $27m.

Iona is one of Sydney’s most talked about estates, thanks to the Hollywood royalty who once called it home, its picturesque period facade and it’s enviable location in the heart of Darlinghurst.

Today, the former residence of Baz Luhrmann and Catherine Martin is about to make headlines again; this time for its multimillion-dollar discount.

Launched to market by the current owners exactly a year ago, Iona had a price guide of $40m.

Now the Darley St mansion has resurfaced in a new campaign with a change of agents and a very different looking guide of $27m.

Vendors Tim Eustace, who is Mercury Private’s principal adviser, and his partner Salvador Panui, have put their own stylish stamp on iconic Iona since buying it from the Luhrmann-Martins for $16m in 2015.

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The new agents, Maclay Longhurst, Harriet France and Clint Ballard of Sotheby’s: “The guide we’ve set of $27m is a very compelling guide,” says Ballard.

The grand home is on a massive 2716sqm inner-city block.

The new agents are Maclay Longhurst, Harriet France and Clint Ballard of Sotheby’s.

The $13m adjustment is more in line with today’s market, the agents say.

Ballard admits a landmark address such as Iona proves challenging to price.

“These types of trophy properties are very hard to position,” he said.

“It’s very easy to look back retrospectively and think a price was over or under, but at the end of the day the previous sales campaign didn’t come to a conclusion.

“So, we’ve set a different course and we want to put it in a competitive environment.

“We wanted to recalibrate the property, and say to the market, ‘Look, it’s a genuine sale.’

“The guide we’ve set of $27m is a very compelling guide.

“We believe it should create a lot of interest and the owners are looking to move on with their lives.”

Baz Luhrmann and Catherine Martin sold Iona for $16m in 2015 to the current owners (Photo by Taylor Hill/FilmMagic)

The couple hosted a long list of stars at Iona, including Nicole Kidman and Tom Cruise in the early 2000s. (Photo by Kevin Mazur Archive/WireImage)

The seven-bedroom, seven bathroom Italianate manor sits on a huge 2716sqm block, which is massive considering its inner-city location.

“The owners have put a lot of trust in our team. Harriet’s got the history with having sold the home once before and Maclay’s dynamic sales skills will see to a fantastic campaign,” says Ballard.

The current owners modernised several elements of the 22-room house, specifically the kitchen which has undergone an complete transformation.

During their time at the 2716sq m property, they also nurtured the expansive landscaped gardens to render the estate more private.

While the Hollywood heavy weights owned Iona, they ran their successful production company Bazmark from the address and conceived cinematic blockbusters including The Great Gatsby and Australia in the ground floor office.

Luhrmann and Martin ran their production company Bazmark from the address.

The house has been meticulously restored and updated with 21st Century luxuries.

Back in the early 2000s, VIP guests of the Luhrmann-Martins included married couple at the time, Tom Cruise and Nicole Kidman, as well as her Moulin Rouge co-star Ewan McGregor.

Later, The Great Gatsby stars such as Toby Maguire and Joel Edgerton also partied in the elaborate mansion.

In 2016, Iona hosted the glamorous Sydney Children’s Hospital Silver Party attended by local celebrities such as Jesinta Franklin, Terry Biviano and Anthony Minichello, and Jodi Gordon.

The film-making couple had purchased Iona in 2006 for $10m from Jan Gowrie-Smith, the former wife of entrepreneur Ian Gowrie-Smith. Prior to buying it, the couple rented the residence for nine years.

Iona has a long history with high net worth owners. Once the site of the much smaller Iona Cottage, the larger original estate known as Darlinghurst Heights was subdivided in 1845. Wealthy pastoralist Edward Chisholm eventually built the ‘new’ Iona in 1888 which went on to also be used as a private hospital.

The traditional wraparound veranda is one of the home’s many attractive features.

There’s a 20m pool.

It was later slated for demolition in the 1970s, but was saved and placed on the National Trust’s heritage list in 1976.

Behind the stately gates, which once hung at Grosvenor House in London, the large ground level floor plan features the original footprint with additions taking the total to 1035sq m of living space. Meticulously restored, and updated with 21st Century luxuries, there are still numerous period touches such as elaborate stained glass windows and ornate 4.3m high ceilings. Contemporary updates include bespoke wallpaper designed by Oscar-winning designer Catherine Martin.

Downstairs formal spaces include a large drawing room, a sitting room and a billiards room, all with classic fireplaces and doors to the traditional wraparound veranda, sprawling grounds and 20m pool.

The same level has a home office, gym, casual family area, an open plan dining zone and commercial-grade kitchen with full butler’s pantry.

Up on the accommodation level there are all seven bedrooms and a library. The main suite has a bay window, balcony, and a dressing room with a fireplace.

Other bedrooms have ensuites and built-in wardrobes, while one nursery-style room has a private kitchenette.

Additional features at Iona include a separate self-contained apartment with balcony, a wine cellar with cool room, multiple storage rooms, and two street entries.

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