In a move that is sure to capture the attention of Sydney’s luxury property market, the grand mansion known as Iona has reemerged on the market, now priced at a staggering $40 million. This property, a prominent fixture in the city’s real estate landscape, was once the celebrated home of Hollywood’s renowned director Baz Luhrmann and his wife, Catherine Martin. Its historical significance and architectural grandeur continue to make it one of Sydney’s most coveted residences.

An Oasis in the Heart of Darlinghurst

Iona’s sprawling grounds, which cover more than 2700 square meters, make it a rare find in the high-density neighbourhood of Darlinghurst. The property is enclosed by sandstone walls and solid iron gates, offering a serene oasis amidst the bustling city. Its grounds feature towering century-old trees, a circular driveway, and a well-established garden, all contributing to the mansion’s private and tranquil atmosphere.

The residence itself is a testament to grandeur, with seven bedrooms, numerous formal and informal living spaces, a library, an office, a self-contained apartment, and a cellar. The new kitchen and front and back stairwells have been updated to cater to modern living, while the property retains its historic charm with original features such as stained-glass windows, tessellated tiles, and a Welsh slate roof.

A Testament to Timeless Elegance

The mansion’s design reflects proportions and spaces from a bygone era, including a sitting room, drawing room, and billiard room, all of which contribute to its timeless appeal. Outside, the lush, mature gardens conceal the urban location, featuring a pool and a Japanese grotto garden designed by landscape architect Ken Lamb. These outdoor spaces offer a private retreat within the city, adding to the mansion’s allure.

Tim Eustace, principal adviser at Mercury Private, and his partner Panui were drawn to Iona’s grand proportions and its unique location in Darlinghurst, an area known for its eclectic and vibrant community. Eustace recounts their decision to purchase Iona after just one inspection, highlighting the property’s ability to accommodate their collection of furniture, tapestries, and art.

A Storied History of Iona

Iona, an exquisite mansion situated in the vibrant suburb of Darlinghurst, boasts a rich history that adds to its allure. Built in the late 1880s for pastoralist Edward Chisholm, the mansion has undergone several transformations over the years. From 1908, it was home to former Sydney lord mayor Sir Allen Taylor, after whom Taylor Square was named. The property’s evolution continued as it was briefly zoned as a hotel before being returned to residential status by entrepreneur Ian Gowrie-Smith in the early 1990s.

Its survival amidst numerous development ambitions can be attributed to its function as a hospital from 1912 to 1977, a period that preserved its heritage. The mansion’s historical significance and architectural integrity have been pivotal in maintaining its status as one of the inner city’s finest homes.

The Luhrmann Era: A Glamorous Chapter

The spotlight on Iona intensified when Baz Luhrmann and Catherine Martin rented the property before purchasing it in 2006 for $10 million. The couple utilized Iona as both their home and the headquarters for their production company, Bazmark. During their ownership, the mansion was known for its grandeur and its role as a creative haven for the renowned filmmaker and his wife.

In 2016, Luhrmann and Martin sold Iona for $16 million, and since then, the mansion’s integrity as a single-family home has been meticulously maintained by the subsequent owners, Panui and Tim Eustace. Their restoration efforts have preserved the property’s original opulence while incorporating modern updates to meet contemporary expectations.

A New Era for Iona

With the Eustaces now planning a move back to New Zealand, Iona is once again on the market, presented by The Agency’s Ben Collier. The sale of this iconic mansion represents an opportunity for new owners to acquire a piece of Sydney’s history, complete with its distinctive blend of historical charm and contemporary luxury.

As Iona returns to the spotlight, it continues to captivate with its grandeur and historical significance. This landmark property, with its rich heritage and prime location, remains one of Sydney’s most distinguished real estate offerings. Whether as a statement home or a historical gem, Iona stands as a testament to the enduring appeal of Sydney’s architectural and cultural legacy.

For those interested in owning a piece of Sydney’s storied past and enjoying the luxury of a grand estate in a vibrant city location, Iona presents an unparalleled opportunity. As it reenters the market with a price tag of $40 million, the mansion invites new owners to experience its timeless elegance and unique charm.