Myer family estate to be sold for $100 million.

A stunning, luxurious mansion owned by a prominent retailing family in Australia is set to hit the market next month. This grand estate, known as Cranlana, is located in the prestigious suburb of Toorak and is expected to fetch a whopping $100 million or even more. According to reports from the Australian Financial Review, the property is being sold by Myer Family Investments, the owners of the famous Myer department stores.

The history of Cranlana dates back to 1921 when it was purchased by businessman and founder of Myer, Sidney Myer, and his second wife, Merlyn. This magnificent piece of land, spanning over 1.1 hectares, has been in the family for over a century. However, MFI chairman Sidney Myer has decided that it is time to pass on the legacy to a new owner.

Originally built in 1903, Cranlana underwent a redesign in 1929 by Sidney Myer himself. He enlisted the help of a renowned Melbourne architectural firm, the same one responsible for designing his iconic stores in the city. The mansion boasts six to eight bedrooms, a tennis court, and a pool, but its most famous feature is the stunning sunken formal gardens.

Inside, the home boasts an original ballroom, multiple living areas, a library, and a formal dining room. It is one of only two properties in Toorak with a land size of over 1 hectare, making it a highly sought-after piece of real estate. It is expected to fetch at least $100 million at auction, making it one of the most expensive properties in Melbourne.

While this price may seem staggering, it is still a ways off from Australia's most expensive home, which sold for $130 million two years ago. Uig Lodge, a lavish mansion located in Sydney's eastern suburbs, holds the record for the highest-priced home in the country.

MFI has appointed Marcus Chiminello from Marshall White to handle the sale of Cranlana through expressions of interest. Chiminello expressed his excitement for this once-in-a-generation opportunity, stating that properties like Cranlana often create their own market. He is anticipating interest from local, national, and even international buyers who will be eager to become the new owners of this prestigious estate.

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