Myer family mansion expected to sell for $100 million

A lavish mansion owned by an iconic Australian retailing family is heading for sale next month, and is expected to become Melbourne’s first home to fetch $100 million or more.

The property of more than 1.1 hectares was bought by businessman and founder of the famous Myer department stores Sidney Myer and his second wife, Merlyn, in 1921.

It has been owned by the family for more than 100 years, but MFI chairman Sidney Myer says the time has come for a new owner.

Constructed in 1903, Cranlana was redesigned by Sidney Myer in 1929 who engaged the Melbourne architectural firm that designed his landmark stores in the city.

The mansion boasts six to eight bedrooms, depending on layout, a tennis court and a pool, but is most famous for its sunken formal gardens.

Other features of the home include an original ballroom, several living areas and a library and formal dining room.

Being one of only two houses in Toorak on land of more than 1 hectare, Cranala is expected to go for at least $100 million when it goes up for auction.

Even if it reaches that staggering price, it would be some way off the price of Australia’s most expensive home.

That was set two years ago when Uig Lodge, a mansion in Sydney’s eastern suburbs was sold for $130 million.

Marcus Chiminello of Marshall White has been appointed by MFI to sell Cranlana via expressions of interest.

“Cranlana is without peer in the Victorian property market,” he said.

“Once-in-a-generation opportunities like these often create their own market. We anticipate interest from buyers locally, nationally, and from afar that will be excited about the opportunity to become the new custodian of Cranlana.”