A billionaire media family has acquired the historic Iona estate in Sydney‘s paddington for $37.5 million, marking one of the city’s most meaningful property transactions this year. The sale concludes the ownership of Mercury Private principal adviser Tim Eustace and his partner Salvador Panui, who purchased the property in 2015 for $16 million.
Iona, a landmark 22-room mansion, has long been associated with Hollywood glamour and high-profile guests. the purchase by the new owners-whose identity was not immediately disclosed-signals continued investment in Sydney’s ultra-luxury real estate market and preserves a piece of the city’s architectural heritage. The estate’s future use remains to be seen, but its scale and prestige suggest it will continue to host significant events or serve as a prominent family residence.
Eustace and Panui extensively modernized Iona during their decade-long ownership, with a complete transformation of the kitchen and enhancements to the expansive landscaped gardens to increase privacy.
Previously owned by Baz Luhrmann and Catherine Martin, Iona was a favored destination for A-list celebrities during their tenure. Tom Cruise and Nicole Kidman, along with Ewan McGregor, were among the VIP guests who frequented the estate while they were married. Later, stars of Luhrmann’s The great Gatsby, including Toby Maguire and Joel Edgerton, also enjoyed the mansion’s elaborate setting.
The property features an in-ground pool and has been meticulously maintained, making it a highly sought-after asset in Sydney’s exclusive eastern suburbs.
