2 Darley Street, Darlinghurst

Strategic Vendor Advocacy Leads to $37.5M Sale of Iona, Baz Luhrmann’s Former Mansion

Summary
Grantham Buyers Agents were engaged to lead a full vendor advocacy strategy for Iona — the landmark Darlinghurst estate once owned by Baz Luhrmann

After 8 months of detailed preparation and repositioning, the property sold for $37.5M — setting a suburb record — just 12 days after hitting the market.

A rare outcome for a property of this scale, which would typically remain on the market for months.

The Brief
We were appointed with a clear mandate: deliver a successful result for a complex, heritage-listed property in the prestige market.

The previous campaign, marketed at $40M, had failed to secure any offers — indicating the need for a new approach. Our task was to reposition the property, manage buyer objections, and ensure a credible path to sale.

Key objectives included:

– Strategic re-packaging of the asset for high-net-worth buyers
– Coordination across agent selection, preparation, and due diligence
– Turning the property’s complexity into an advantage, a premium outcome

Our Approach
Over an 8-month period, we led the vendor advisory process, ensuring every angle was addressed before going to market.

Our work included:
– 50+ site visits to understand the property and potential use cases
– Coordinating schematic renders, spatial plans, and feasibility quotes
– Clarifying zoning and mixed-use potential for residential or commercial buyers
– Shortlisting and interviewing 7 leading agents before appointing Clint Ballard, Harriet France, and Maclay Longhurst of Sotheby’s

Through preparation, planning, and positioning, we brought clarity and confidence back to the campaign — setting the stage for a swift result.

The Property

– Built in 1888 — a Victorian Italianate estate spanning over 2,700 sqm of land
– 1,035 sqm internal floor space with mixed-use zoning (residential/commercial)
– Key features included original heritage elements, a Japanese grotto garden, and grand formal rooms
– Zoned for flexible future use including wellness, creative, family office, or institutional purposes
– Formerly a private hospital from 1912 to 1977, then restored as a grand residence

The Result

– Sold for $37.5M — a suburb record for Darlinghurst, exchanged in 12 days of launch
– Campaign re-built from the ground up after prior failed attempts at $40M
– A premium result delivered through methodical planning and experienced execution

https://www.granthambuyersagents.com.au/vendor-advisory/

Frequently Asked Questions

Why was Iona’s sale result so significant?

Properties of this size and complexity typically remain on the market for months. The result — a suburb record achieved in under two weeks — is a testament to strategic vendor advocacy and precision execution.

What role does a vendor advocate play in selling prestige property?

We act as your advisor throughout the entire process — selecting the best agents, preparing the property, resolving buyer objections, and managing the negotiation to ensure nothing is left to chance.

Why are off-market opportunities better for investment buyers?

They offer less competition, more negotiation leverage, and often better pricing — especially when you’re ready to act quickly with due diligence complete.

How did this differ from previous campaigns?

The property had previously been marketed at $40M without success. We repositioned the campaign around a more credible narrative, restructured the information, and activated a new buyer profile — which resulted in rapid interest and offers.

Can you assist with sales even if the property is already on the market?

Yes. In many cases, we’re brought in after a property has failed to sell — helping re-strategise and relaunch with a more effective approach.

Agents

Dan Grantham