PHOTO: Aussie model Elyse Knowles, pictured at the property, had previously appeared in marketing to help sell the home.
🏡 A Trophy Home With a Very Different Story in 2026
Just four years ago, this waterfront stunner was the most expensive home ever sold on the Central Coast.
Now?
It’s back on the market — and potentially $4.2 million cheaper.
The Hamptons-style mansion at 6 Bulkara Street, Wagstaffe, once the centre of a full-blown billionaire bidding war, is now being marketed with a $12m–$14m price guide, well below its record-setting $16.2m sale in 2022.
And the reason has very little to do with the home itself.
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💸 From Record Breaker to Reality Check
When the property last changed hands, the luxury market was running hot.
According to selling agent Mat Steinwede of McGrath Terrigal, conditions were far more bullish at the time.
“When it went to sale, everyone knew it was a bit of a liquidation sale,” he said.
“Then a couple of billionaires were all just competing against each other.”
That frenzy pushed the price to $16.2m — a record that still stands for the Central Coast.
6 Bulkara St, Wagstaffe.
👻 The ‘Ghost Mansion’ Factor No One Talks About
Here’s the twist.
The current owner — an Australian co-founder of a US-based tech company — bought the home as a holiday residence.
The problem?
“They never use it.”
That puts the property squarely in what agents quietly refer to as a “ghost mansion” — a luxury home that sits largely empty for most of the year.
In 2026, that matters.
Rising holding costs, land tax, maintenance, and a less euphoric prestige market mean unused trophy homes are becoming liabilities, not status symbols.
The home holds Central Coast’s record house sale price of $16.2m.
Now, the home could sell for as much as $4.2m less.
🔄 A History as Dramatic as the Price Tag
Before its record-breaking sale, the property was owned by controversial businessman Bill Papas, who bought it in 2020 for $9.5m.
According to reports at the time:
The home was rented out for around $5,000 per night
Its sale formed part of a broader asset liquidation
The marketing campaign famously featured Australian model Elyse Knowles
Years earlier, the home had already made headlines after winning the Housing Industry Association’s House of the Year award in 2018.
The current owners reportedly “never use” the property which was purchased as a holiday home.
🌊 Inside One of the Coast’s Most Exclusive Enclaves
Set on a 2,188sqm waterfront block, the mansion sits inside the tightly held San Toy Estate — home to just a handful of prestige residences.
What buyers get:
🛥️ Private jetty with mooring
🏖️ Private beach frontage
🚤 Boathouse
🌅 Direct water access just 10 minutes from the ocean mouth
“Wagstaffe is a little pocket for boaters,” Steinwede said.
“That’s why people actually pay more to be here.”
Aussie model Elyse Knowles, pictured at the property, had previously appeared in marketing to help sell the Wagstaffe home.
📉 So Why the Big Discount?
Despite a strengthening Central Coast market overall, this listing highlights a broader shift at the very top end:
❌ Pandemic-era bidding wars are gone
❌ Empty luxury homes are under scrutiny
❌ Prestige buyers are more patient and price-aware
In short: emotion has left the room.
Even the most iconic homes now need a compelling reason — not just bragging rights — to command record prices again.
🧠 What This Sale Really Signals
This isn’t a collapse.
It’s a correction at the top end.
The Wagstaffe mansion story shows:
Record prices aren’t always repeatable
Timing matters more than ever
“Ghost” holiday homes are being reassessed
Prestige buyers are negotiating again
For anyone watching Australia’s luxury market closely, this is a canary worth paying attention to.
🔑 The Bottom Line
Once the site of a billionaire showdown, this Central Coast mansion now tells a more sobering — and revealing — story.
In 2026, even the most spectacular homes must justify their price.
And sometimes, the biggest discount isn’t about the house at all — it’s about how the market has changed.
SOURCE: NEWS.COM.AU