Double Bay waterfront sale falls over, then sells for $2m less

21 Gladswood Gardens, Double Bay has just sold for $20m.

A historic sandstone waterfront mansion in Double Bay exchanged at $22m more than a year ago but the sale fell through … now, a new deal has just been done at $20m to a different buyer.

The five-bedroom estate on a 978sqm block at 21 Gladswood Gardens, which was the coach house of the Gladswood Estate, has been owned by the MacMahon family since it was bought for $782,000 in 1983.

The sold sticker went up last May, and sources say the expat purchaser back then couldn’t sell their Hong Kong property so couldn’t proceed.

Enter Cohen Handler buyer’s agent, Tom Penfold, who’s scooped it up for his eastern suburbs lady client at $2m less than the original agreed price.

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The sandstone home was once the coach house for the Gladswood Estate.

It’s a 978sqm waterfront block.

The eastern suburbs lady buyer plans a reno but is “not going to go crazy”.

“A waterfront in Double Bay for $20m — it’s a beautiful old sandstone building,” Penfold said.

“My client fell in love with it straight away and we secured it very quickly.

“She love the rawness and the potential.”

He says she will do a sympathetic reno — “she’s not going to go crazy” — and move in.

The Double Bay case mirrors another in Vaucluse involving one of multi-millionaire William Wu’s properties investment properties.

31 Vaucluse Rd, Vaucluse was owned by multi-millionaire William Wu.

It exchanged for about $24m last year.

But the deal fell through and it’s now sold for $3m less.

The 32-year-old investor and his property developer mother Jing Wang amassed a $100m portfolio of houses from Bellevue Hill to Vaucluse in 2021, including a six-bedroom, seven-bathroom mansion with eight-car garage at 31 Vaucluse Rd, Vaucluse bought for $13.32m.

The home, on an 879sqm block and with sweeping iconic views, went up for sale with a $23.8m guide in 2023 and later exchanged for about $24m.

But local sources say that deal, too, fell through.

That’s just exchanged again via Bradfield BadgerFox Double Bay agents Alexander George and Peter Leipnik for about $21m to a local buyer.

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