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Melbourne mansion sells to 26-year-old for $80 million: 'Modern dream'

·Associate News Editor
·2-min read
The Toorak home is set to be demolished in a rebuild project. (Source: Google Maps)
The Toorak home is set to be demolished in a rebuild project. (Source: Google Maps)

A high-flying 26-year-old has landed a run-down Melbourne mansion for an eye-watering $80 million – just months after splashing $40 million on a nearby property.

The young entrepreneur, Ed Craven, made his fortune through crypto-betting site Stake.com.

He also owns Melbourne-based gaming software developer Easygo Solutions, The Australian Financial Review reported.

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His latest purchase in the exclusive suburb of Toorak dwarfed the city's previous property record of $52.5 million, the publication said.

Mansion to be knocked down in 'long-term' project

And his buyer’s agent revealed Craven had no intentions of living in 29-31 St Georges Road anytime soon.

“It’s a long-term project to get this built – years down the track," Kim Easterbrook said, revealing Craven planned to knock down the current property, which has sat empty for years.

Ed Craven is the co-founder of crypto-friendly casino site Stake.com. Source: The Australian
Ed Craven is the co-founder of crypto-friendly casino site Stake.com. Source: The Australian

The vendor of the luxury estate was David Yu, director of property developer Ausvest Holdings, who purchased the property in 1991 for $5 million.

Craven purchased a property for $40 million in nearby Orrong Road in March.

His company, Stake.com, is currently the main shirt sponsor of English Premier League club Everton.

Finance journalist Bernard Hickey called Craven's latest purchase "the modern dream".

The record buy is a far cry from the woes millions of Aussies are facing as interest rates continue to climb.

New research from Finder revealed one in five Australian homeowners - equivalent to just over half a million (551,000) people – would struggle if their home loan interest rate was to increase by 3 per cent.

This included 14 per cent who said they might fall behind on their repayments or other bills.

Another 5 per cent (145,000) reported they would struggle so much that they would consider selling their home.

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