THE Lane Cove home of Australia’s most colourful property developer Joseph Frangieh and his estranged wife, Sharon has seen its asking price drop.
But they’re still clearly targeting the Chinese buyer, by keeping as many lucky number eights as possible in the price which has dropped from $8.8 million when listed last year to $8,088,000.
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The late 1980s home, which set a suburb record at $4.25 million four years ago, was hardly a hive of lunar New Year property inspections at the weekend.
The home, which was built from double brick and suspended concrete slab construction, has been opulently renovated, according to the marketing material from estate agent Sid Morgan.
It has five bedrooms, five bathrooms, guest quarters and a five-car garage within its lucky 1808sqm of resort-style grounds, which feature a floodlit tennis court, one of only a few in the suburb.
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The marketing says there’s the prospect of turning the property into four luxury three-level townhouses.
Frangieh is behind the boutique builders InStyle