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Wild details revealed as 28-year-old builds Australia's most expensive home

Businessman Ed Craven's Toorak mansion will include an underground gym and basketball court.

Ed Craven and mansion
New plans for billionaire Ed Craven’s Toorak mansion have been revealed. (Source: LinkedIn/Herald Sun)

A 28-year-old cryptocurrency billionaire plans to build a gym almost as big as the average Aussie home in his new Melbourne mansion. Once completed, the Toorak mansion is expected to be the most expensive home in the country.

Businessman Ed Craven, who made his fortune through co-founding online casino Stake.com, bought the East Melbourne property for $80 million less than two years ago. This smashed Victoria’s previous house price record of $52.5 million at the time.

The property was previously home to an abandoned “ghost mansion”, which was demolished last year to make way for Craven’s new home.

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New plans shared with The Herald Sun reveal the under construction mansion will include a 220 square metre basement gym. For comparison, the average family home in Australia is only slightly bigger at 240 square metres.

Plans show the home will also reportedly include an upper level gym, basketball court, staff bedrooms and dog wash rooms. There’ll also be space for a potential tennis court, guest and service parking, and snack rooms.

Toorak mansion
The Toorak property was previously home to an abandoned "ghost mansion", which has since been demolished. (Source: realestate.com.au)

The mansion is being designed by Melbourne architect Paul Conrad and will feature 8,000 square metres of internal space.

It is expected to be worth $150 million when it is completed. This would surpass Atlassian billionaire Scott Farquhar’s estate in Sydney’s Point Piper which was reportedly bought for $130 million in 2022.

Toorak is one of the richest suburbs in Australia and the richest one in Victoria, with Australian Taxation Office data this week revealing the average income for residents is $266,020. That’s about three times the median income of $53,041.

Toorak mansion
Plans for the new mansion have been revealed. (Source: Herald Sun)

Craven is one of the wealthiest people in the country and the youngest billionaire. That’s despite Stake.com being banned in Australia.

The online casino, which Craven created with entrepreneur Bijan Tehrani, allows bets in cryptocurrency and has more than six million accounts registered and 600,000 regular players.

Craven is estimated to be worth $3.11 billion by the Australian Financial Review, with his wealth increasing 183 per cent over the year to 2023.

He and Tehrani also established Melbourne-based gaming software developer EasyGo Solutions.

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