A wealthy Rose Bay father has made headlines by assisting his son and his son’s best friend in purchasing a luxurious waterfront property for a staggering $82.5 million. Businessman Jim Angelis, who acquired the prestigious Villa Florida at 12 Tivoli Ave for $45 million in 2021, has now helped his son, John Angelis, and Yianni Gourlas secure the neighboring property at No. 14 last October.
The purchase, which remained shrouded in mystery for months, was facilitated by sales agents Ken Jacobs and Hui Xu of Forbes, along with buyer’s agent Simon Cohen. The transaction was the highest for the year until another property in Rose Bay sold for $85 million just before Christmas. The revelation that the “local buyers” were, in fact, very close to home has sparked considerable interest in the community.
The Angelis Legacy and Real Estate Ventures
Jim Angelis, who sold Coverforce, Australia’s largest privately-owned insurance broker, for $411 million in 2021, has been a prominent figure in the real estate market. Following the sale, he purchased his $45 million Spanish Mission style mansion, which he later demolished to build a new six-storey residence costing $18.6 million. Now, he has extended his financial support to his son and Yianni, both 31 and 32 years old respectively, for their latest acquisition.
The pair, who have been best friends since their days at Scots College, are now business partners as co-chief executive officers at Clearlake Insurance Brokers. Their joint ventures in real estate began with the purchase of a five-bedroom property designed by architect Michael Folk for $10.85 million in 2021, which remains in both their names.
A Landmark Acquisition
The newly acquired property, located on a 1,138 square meter block at 14 Tivoli Ave, has been on the market for years. Sicilian-born property developer Orazio Cambuglia, the vendor, initially sought well over $100 million for the estate. The property comprises three separate residences with a total of eight bedrooms, ten bathrooms, and a four-car garage, designed to accommodate both parents and children.
While some speculated that the asking price could reach as high as $130 million, matching the Sydney house price record for Elaine and UIG Lodge, the most recent guide price was understood to be $85 million as of April. The successful purchase by John and Yianni marks a significant achievement in their burgeoning real estate portfolio.
Implications for the Rose Bay Market
The acquisition of such a high-value property by relatively young buyers underscores the dynamic nature of the Rose Bay real estate market, where family wealth and strategic investments play a crucial role. The Angelis family’s involvement in high-profile transactions highlights the influence of generational wealth in shaping property landscapes.
According to real estate experts, the transaction could set a new benchmark for waterfront properties in the area, potentially influencing future sales and valuations. The move also reflects broader trends in the luxury real estate market, where affluent families are increasingly investing in prime locations to secure long-term assets.
“This purchase not only signifies a personal milestone for the buyers but also reinforces Rose Bay’s status as a premier destination for luxury real estate,” said a local real estate analyst.
As John and Yianni prepare to move into their new home, they can look forward to the convenience of living next to family, with John’s mother, Julie, just a short walk away for family gatherings and home-cooked meals.
The Angelis family’s latest venture continues to captivate the community, offering a glimpse into the world of high-stakes real estate and the enduring legacy of familial support in achieving remarkable milestones.
