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Sale of Paradise Waters mansion hits a new record in high-end property market
Brief:A PARADISE Waters mansion appears set to smash price records after being placed under contract for a rumoured $8.7 million.

Australian property
60 Admiralty Drive, Paradise Waters
 
A PARADISE Waters mansion in Australian appears set to smash price records after being placed under contract for a rumoured $8.7 million.

The stealth sale of 60 Admiralty Drive was confirmed yesterday by selling agent Nick Cole of Lucy Cole Prestige Properties.

The off-market deal, believed to involve an Asian family, may rewrite record books and could signal a recovery in the high-end property market.

While Mr Cole would not give details, he confirmed the price trumped previous sales records for Paradise Waters.

Australian property
60 Admiralty Drive, Paradise Waters
 
The previous record was sale of $8 million set in 2004.

RP Data records show 60 Admiralty Drive sat quietly on the market for 701 days after it was first listed in April, 2012 with a $10.2 million price tag.

“It was listed originally for around $10 million and it sold in that vicinity. I’d consider it’s a record price for the area,” Mr Cole said.
 
Australian property
60 Admiralty Drive, Paradise Waters
 
“The negotiations were very quick. The buyer recognised the quality and the position and wanted to snare the opportunity,” Mr Cole said.

Set on a 1094sq m riverfront parcel, the stunning residence rises four levels on a sought-after point position.

The 1449sq m floorplan is executed with luxury materials and comprises five bedrooms with ensuites, a home theatre and a large study. It has a riverfront pool, a 10-car garage, an internal lift, a pontoon and a wine cellar.
Australian property
60 Admiralty Drive, Paradise Waters

 
The original brown brick house was bought for $2.52 million in March, 2003.

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