PHOTO: The penthouse at 85 Rouse Street Port Melbourne. Photo: Supplied

Property developer Elias Jreissati has offloaded his Port Melbourne penthouse for $16 million after first listing it for sale more than four years ago.

The sale of the stunning five-bedroom sky home with knockout views over the bay leaves the chairman of Bensons Property Group with two full floors in Eureka Tower and a Yarra Valley estate still in his property portfolio.

Although the residence had been listed with $18 million hopes, its vendor says the price agreed is fair.

“These are trophy assets that are almost impossible to put a price on,” Mr Jreissati told Domain.

“It’s a fair price, and it’s commensurate of the uniqueness of the property. If we weren’t happy, we wouldn’t have sold it.”