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Kalua, Ian Joye's Ocean Road Palm Beach estate sold to Laurie Sutton for $23 million; Ian Joye bought Palm Beach's most prestigious property in 1978 for $330,000
Topic Started: 10 Jan 2012, 05:54 PM (5,511 Views)
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Party time for Kalua farewell

January 7, 2012

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Palm Beach's largest and most prestigious property, Kalua, is on the market for more than $25 million. Frequently rented out to a who's who of international business, music and movie stars for $40,000 a week, Kalua is sure to have been the setting for many an extraordinary Soirée. It's upcoming sale may herald the end of an era.

On January 14 a special party is being thrown at the exclusive property Kalua, which is on the market after 33 years belonging to the Joye family.

The former chatelaine of Kalua, Judy Crawford (formerly Judy Joye), is hosting the party, her final soiree at the property which has hosted everyone from Nicole Kidman and James Murdoch to John Cleese and fashion designer Oscar de la Renta. It was the Palm Beach holiday house where Paul McCartney wrote Wings Over the World with his late wife, Linda, by his side and where Brett Whiteley painted some of his most famous works.

Since the 1920s, when the original house was built by the Hordern family, Kalua has had only two owners.

Ian Joye bought the Ocean Road property from the Horderns in 1978 for $330,000.

Read more: http://smh.domain.com.au/real-estate-news/party-time-for-kalua-farewell-20120109-1pr0v.html
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The former chatelaine of Kalua, Judy Crawford (formerly Judy Joye), is hosting the party.....

Ian Joye bought the Ocean Road property.....


Ian Joye and Judy Joye?

Any relation to Christopher Joye?
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Palatial Palm Beach property sells for $25m

Margie Blok
April 24, 2012

A SYDNEY residential price record for this year has been set with the sale of Kalua, the largest and most prestigious property at Palm Beach.

Details surrounding the sale remain confidential, but the 5500-square-metre beachfront estate is understood to have sold for close to $25 million.

Considered the jewel in the crown of the northern beaches peninsula, Kalua stands at the prestigious southern end of the beachfront, nestled among the lush vegetation of Cabbage Tree Boat Harbour.

In its secluded grounds are a five-bedroom, six-bathroom, plantation-style residence, a three-bedroom guest house, a self-contained cabana, a swimming pool and a tennis court.

Kalua has been on the market since last September, when businessman Ian Joye listed it at more than $25 million.

In order to attract buyers, he offered the property with 60 per cent vendor finance on the purchase price.
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apex
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mugshot
10 Jan 2012, 09:42 PM


Ian Joye and Judy Joye?

Any relation to Christopher Joye?
Ian Joye is CJ's father, I believe.

Stunning house, but seriously overpriced. New owners are going to take a 50% haircut, $12 mil loss at least, I predict.
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Laurie Sutton the kingpin of Sydney property as he swaps Mosman for Kalua in Palm Beach in record-setting sales

By Jonathan Chancellor
Tuesday, 24 April 2012

Retired car dealer Laurie Sutton is the undoubted kingpin of Sydney property in 2012. No sooner had he secured a near-record $20 million Mosman price, than he’s reputedly gone and bought Kalua, the Joye family’s plantation-style Palm Beach trophy home.

It too has sold at a record price for the suburb, according to well-placed chatter, as the neighbourhood expressed keenness over the weekend to welcome Laurie Sutton and his wife, Di, to Sydney's northern beaches millionaires’ playground. Word had crept out after the venture capitalist underbidder with existing Palm Beach connections was advised a sale was iminent.

It's suggested the undisclosed sale price fell a tad short of its ambitious $25 million expectations set when Kalua was listed last September, perhaps closer to $23 million or so.

But nonetheless, the Joyes’ sale realised a remarkable compound capital gain on the home of about 14% per annum over 33 years of ownership, which bettered the Suttons’ 12% annual gain for their Mosman home, which was owned for a similar lengthy period. Its the second highest price ever paid for a beachfront holiday home in Australia, the highest being the $26 million Ilyuka estate at Portsea in late 2010.

Kalua is the 1920s Ocean Road holiday home best known as having been the prestige Christmas holiday rental for international luminaries including Nicole Kidman, John Cleese and James Murdoch.

Sutton and his wife will be the 1920s beach bungalow’s third owner. It was last sold by the Horden retailing family to the more entrepreneurial Joye family, the current vendors, for $330,000 in 1978.

It’s a five-bedroom, six-bathroom house with three-bedroom guesthouse along with studio cabana, pool and tennis court on its 5,500-square-metre dress circle block overlooking Cabbage Tree Boat Harbour.

It was listed by Ken Jacobs and Darren Curtis at Christies International in conjunction with LJ Hooker Palm Beach agents David Edwards and Peter Robinson, who are under instructions not to speak with the media about any detail of the sale. Its not yet marked as sold on their websites.

There’s no confirmation whether Sutton took up the offer of taking 60% vendor financing.

"Unquestionably the most significant and coveted landholding in exclusive Palm Beach, Kalua is a beachfront sanctuary of international stature beyond compare," Jacobs said on its marketing launch.

"It is secluded amid magnificent sprawling grounds … a once-in-a-lifetime opportunity as one of the eastern seaboard’s most prestigious residential offerings," Edwards added.

Kalua was one of the first properties in Palm Beach, guaranteeing its historical significance. Folklore has it that the Hordern family sent their architect by sea to Oahu, Hawaii, to copy “stick by stick and stone by stone” the impressive Dillingham plantation residence.

It was subsequently named Kalua, meaning “double” in Hawaiian. At the time of construction there were no roads into Palm Beach so all materials, including soil, had to be barged in from Newport.

By coincidence the vendor, businessman Ian Joye and wife Maggie, now spend much of their time in Hawaii, where they are building a beach home at one of the most exclusive private beachside resorts in the world, Kukio.

Read more: http://www.propertyobserver.com.au/residential/laurie-sutton-the-kingpin-of-sydney-property-as-he-swaps-mosman-for-kalua-in-palm-beach-in-record-setting-sales/2012042354412
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themoops
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apex
24 Apr 2012, 11:19 AM
Ian Joye is CJ's father, I believe.

Stunning house, but seriously overpriced. New owners are going to take a 50% haircut, $12 mil loss at least, I predict.
I agree. Doesn't even have a pool. The people suck up there, full of home & away morons. Plus it's very isolated. I guess if you ran a car dealership you can't be too bright, probably suit him.

stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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genX
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Wow, $330,000 to $23,000,000 in 34 years. Looks like property doubles every 5.6 years!

In another 34 years this property will sell for 1.47 BEELLION DOLLARS!!!!!!!!!!!!!!!!

Can you see now why you should buy property???!!! You could be a billionaire in 34 years*. There is never a better time to buy.

* One can also take $103,973 to Indonesia to become an instant billionaire. Beer is only 2000 a bottle.
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peter fraser
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themoops
28 Apr 2012, 01:00 PM
apex
24 Apr 2012, 11:19 AM
Ian Joye is CJ's father, I believe.

Stunning house, but seriously overpriced. New owners are going to take a 50% haircut, $12 mil loss at least, I predict.
I agree. Doesn't even have a pool. The people suck up there, full of home & away morons. Plus it's very isolated. I guess if you ran a car dealership you can't be too bright, probably suit him.

No haircut at all...

Any expressed market opinion is my own and is not to be taken as financial advice
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Doubtful
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themoops
28 Apr 2012, 01:00 PM
apex
24 Apr 2012, 11:19 AM
Ian Joye is CJ's father, I believe.

Stunning house, but seriously overpriced. New owners are going to take a 50% haircut, $12 mil loss at least, I predict.
I agree. Doesn't even have a pool. The people suck up there, full of home & away morons. Plus it's very isolated. I guess if you ran a car dealership you can't be too bright, probably suit him.

Bitter much?

He has built a profitable business.

You have b1tched and moaned on an anonymous forum.

How bright are you?
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