Aussie Billionaire downsizes

Yacht broker Ian Malouf of Ahoy Club has successfully sold one of the two beachfront properties he listed in late 2021 at Palm Beach. The property, named Moondoggie, featuring seven bedrooms and four bathrooms on a 617sq m block, was snapped up mid-week by buyers facilitated by David and BJ Edwards at LJ Hooker for approximately $25 million.

Originally purchased for $2.06 million in 1997, Malouf acquired Moondoggie in December 2021 for around $20 million from Joanna McNiven, widow of the late bond dealer John McNiven. However, the settlement for Malouf’s acquisition is still pending.

Yachtie Ian Malouf has sold 106 Iluka Rd, Palm Beach. Picture: realestate.com.au

Moondoggie, situated on the prestigious Iluka Rd with a view of Pittwater, was listed alongside Malouf’s neighboring property, Gidget, which remains on the market through LJ Hooker. Gidget, purchased for $18.6 million in early 2022, has undergone a remarkable transformation inspired by 1960s Palm Springs aesthetics, featuring leopard-pattern carpeting in its five-bedroom, four-bathroom layout set on 613sq m on Snapperman Beach reserve.

Malouf cited an excess of properties in the same area as the motivation behind the listings, expressing a desire to achieve a combined sale price of $65 million for both properties.

The Palm Beach beachfront has seven bedrooms …

… and four bathrooms. Pictures: realestate.com.au

The highest-known sale in Palm Beach this year was a nearby weatherboard holiday home on 1005sq m, acquired off-market by the Roche family for $16 million. This property adjoins the Roche family’s previous purchase of Palm Haven for $21 million in 2020, designed by award-winning architect Phillip Cox.

Malouf, who divested his Dial-a-Dump business to Bingo Industries in 2018 for $577 million, plans to retain his nearby double-block home, Anakela, which set a price record of $40 million in late 2022. He and his wife, Larissa, have recently expanded their Double Bay residence with a $9.5 million addition to a two-lot cul-de-sac waterfront consolidation.

Valued at $1.13 billion by The Australian’s “The List: Richest 250,” Malouf is venturing into residential property development on the Gold Coast at Broadbeach. REMI Developments, a company owned by the Malouf family in collaboration with developer Peter Wilding, is preparing to introduce a 30-level, 49-residence tower called REMI Residences. Prospective buyers will have the option to experience the property as a rental before purchasing, with prices starting at $2.5 million.