Advertising guru David Droga has been revealed as the buyer of Australia’s most expensive oceanfront home.
Speculation about the new homeowner has been growing after it was revealed that the modest four bedroom bungalow in Tamarama had sold for around $45m.
According to the Financial Review, Droga snapped up the 1100 sqm home above the Bondi to Bronte walk after it was on the market for seven months.
Droga currently lives in New York City and his plans for the property remains to be seen.
The bungalow, which is called Lang Sayne, was built in the 1920s and sold for £9750 in 1959.
The price guide was $47m-$52m but it is understood Droga bought the property for a sum towards the lower end of that scale.
Droga, the CEO of media company Accenture Song, was represented by Simon Cohen of buyer’s agent Cohen Handler.
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The sales agent, Ken Jacobs of Forbes Global Properties, has not commented.
Lang Sayne was built in 1924 by George Wolf, a boot and shoe manufacturer.
The buyer in 1959 was radio funnyman Harry Griffiths, who starred in the comedy sketch McCackie Mansions with Roy “Mo” Rene.
Griffiths widow Dimity, who is 82, has lived in the Californian bungalow for 63 years.
Droga grew up in Perisher Valley in New South Wales’ Snowy Mountains.
He started his career at OMON agency before a sting at Saatchi and Saatchi in London.
He founded his own agency called Droga5 in 2006 which he sold to Accenture for $US475m.
The previous record for Australia’s most expensive oceanfront property was broken by 9 Kenneth Street in Tamarama. The old apartment block of five units were sold to socialite Di Maloney for $29.2m in 2021.
The oceanfront record before that was $29m for James Packer’s bachelor pad on Campbell Pde, Bondi Beach, set in 2018.
According the latest Proptrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent. The cumulative increase in 2023 is now 0.75 per cent. Strong migration, tight rental markets and limited supply are offsetting the impact of rapid interest rate rises.
Proptrack puts the median price for Tamarama at $8.1m, up 2.2 per cent over the year.
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