The home was built in 2011 by Byron Bay architect Rosalie Stollery, and the Yazbeks renovated the property after purchasing it in 2017 under the design direction of architect Rob Burton.
Mr. Yazbek, who undoubtedly had a building and construction background to draw from, teamed up with Burton and interior designer Sandra Cotta to transform the property into one of the finest trophy homes in the area.
Mr Edwards said the property was gutted and rebuilt during the four-year renovation, which cost more than $30 million. Mr Burton said the Yazbeks had recruited Sydney’s best subcontractors and sourced first class materials. “The level of detail in this house is pretty much unrivaled in anything I’ve worked on,” he said.
Amenities include a six-burner Wolf stove with teppanyaki infrared grill, multiple 75-inch 8K inset TVs on the three main interior levels, sauna, media room, 21-meter infinity pool, an elevator and a two-track incline, private beach, boat shed, deep-water mooring and jetty, and a moat with mosaic tiles and koi carp.
Mr Edwards said the Yazbeks would downsize closer to the city after their adult children left the family home.
After starting out as a home builder in 1974, Mr. Yazbek soon followed in his father’s footsteps and started his own real estate development company, which was awarded Builder Home of the Year in 1998.
After decades of building high-rise residential projects, Mr. Yazbek founded the boutique development group Amara Living — which incidentally sold its Alexandria project around the same time Mr. Yazbek bought the Avalon Beach property.
The home is just a few doors down from the Oatley family’s Finisterre estate on Hamilton Island, which sits on 8,000 square feet of waterfront land at the end of Stokes Point.
The property, which the Sailing family acquired in 2002 for about $20 million, was the home of family patriarch and Australian business heavyweight Bob Oatley and his second wife Val until his death in 2016. It stays in the family.
If the $50 million price tag for Celeste is met, it would break the current record $27.5 million for the Beau Site Sur Mer Palm Beach estate owned by WiseTech billionaire and former AC/DC Guitar tech Richard White was sold, far surpassing it.
Cohen Handler’s Prestige Buying Agent Simon Cohen agreed that Celeste was an excellent property, but said $50 million could be a stretch outside of the traditionally more expensive eastern suburbs.
Mr Cohen said similar prices to the east include Tamarama’s sprawling beachfront residence Lang Syne and Vaucluse’s harborfront Point Seymour, which are on the market for $40 million and $50 million, respectively.
“The northern beaches get great prices and are very desirable, I just think getting twice the area record in a suburb that’s cheaper than Palm Beach is optimistic,” he said.
While there was no doubt that Celeste will turn heads and attract several potential buyers, Mr. Cohen asked if they would bite with the $50 million figure.
Even Palm Beach, the original playground of the rich and famous, doesn’t have such price tags, with the current top list Bellona running around $40 million.
Bellona was listed by Forbes Ken Jacobs earlier this year on behalf of veteran real estate developers Margaret and Bob Rose.
The Hamptons-style Bellona is one of only four Ocean Road properties adjacent to the exclusive Palm Beach Surf Club, along with the Packer family and Melaleuca estate owned by Caledonia’s Mike Messara (in 2020 for $24 million bought in US dollars), as well as Laurie Sutton’s Kalua estate.
While Mr. Cohen viewed Celeste as an “absolute weekender,” Mr. Edwards said the property was best suited as a primary family home.
In any case, avid buyers shouldn’t hesitate if they want to settle down in time to enjoy the January holiday season on their own private beach.
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