A Brighton lawn owned by the co-founder of Catch Group has sold for $17.7 million.
The co-founder of online retail giant Catch Group has sold a lawn in Brighton for more than $17 million, but has taken a multi-million dollar cut from the expected price.
Hezi Leibovich and his wife Lina put a pair of neighboring Glyndon Ave addresses on the market earlier this year with an asking price of $22 million to $24 million.
Records show they paid $19.75 million for the double block in 2019, before razing the house that stood on the site.
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Sales records show the 2,564-square-foot lot sold for $17.7 million just months after it went on the market.
Catch Group was founded in 2006 and provided offers for a variety of products via the Catch of the Day website.
Wesfarmers bought it for $230 million in 2019, but in January this year the retailer announced it would no longer operate as a standalone company from the end of 2025.
The Glyndon Ave address isn’t the only luxury address in Melbourne with an owner willing to sell, even at a loss, rather than face continued increases in land taxes and vacant property taxes from the state government.
![16 Glyndon Ave, Brighton - for Herald Sun Real Estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The barren piece of land is surrounded by elite homes, swimming pools and tennis courts.
Catch of the Day co-founder Hezi Leibovich (right) has sold a piece of land in Brighton for less than he paid for it – even though it still had a house on it.
Property agents and buyer advocates from Toorak to Portsea, and Brighton in between, have reported the common complaint among sellers over the past two years, since land taxes were increased as part of a bid to make up for Covid-era budget hits.
While it is a reduction for the Leibovich family, it is one of the bigger achievements for a piece of land in Brighton since Grant Hackett and his wife bought an $8.5 million piece of land on Mulgoa St last spring.
Kay & Burton director Matthew Pillios handled the Glyndon Ave listing but declined to comment on the sale, the property’s owners or what had motivated the sale.
However, he did say that the Brighton market had ‘definitely recovered’ by 2025 as buyers ‘came back to play’.
“There are a lot of turnkey homes being sold,” says Pillios.
He noted that the second half of the year saw stringent results of up to $8 million, and even some sales in the $10 to $20 million range.
A rendering of the potential new home, included in the advertisement for the address.
A building that used to stand at the address before it was bulldozed.
Mr Pillios said there is also growing confidence from buyers in properties requiring construction or renovation work.
“Buyers are now not as concerned about uncertainty in the construction industry,” he said.
Glyndon Ave is home to some of Brighton’s best properties, while other homes are currently for sale for $17 million – $18 million at number 19, as well as $13.8 million at number 10.
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