PHOTO: This Toorak home is set to be turned into apartments. Photo: Abercromby’s Real Estate

A $9 million Toorak house is set to be knocked down to make way for a boutique luxury apartment development by National Basketball League owner Larry Kestelman.

The family home was in need of renovation and will be transformed, together with a neighbouring block of flats, into a new project aimed at local downsizers.

Mr Kestelman is also developing the Capitol Grand apartment tower in nearby South Yarra, billed as the tallest building outside the Melbourne CBD and now 85 per cent sold.