14 Tivoli Ave, Rose Bay is right next to Villa Florida, the Michael Suttor-designed home bought by Coverforce insurance broker Jim Angelis for $45 million in 2021. Photo: Million Dollar Listing Sydney.
A Rose Bay home has sold for $82.5 million, sources have confirmed, marking Sydney’s best property sale of the year.
The waterfront 1,125-square-metre block at 14 Tivoli Ave has been for sale for years, with multiple sources telling the Wentworth Courier in November 2023 that the seller, Sicilian-born property developer Orazio Cambuglia, wanted well above $100 million.
Some said the owners of the renovated six-bedroom home with a study wanted as much as $130 million.
But the most recent guide through its sales agents, Ken Jacobs and Hui Xu of Forbes, is said to have cost $85 million in April.
MORE:
Classic car dealer is relisting Darling Point on the waterfront
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
The building was renovated in 2018.
The agents wouldn’t comment, but other sources confirmed to the Courier that the sellers were quite happy to secure $82.5 million.
The buyer’s agent, Simon Cohen, is also not commenting, but the sources say the buyers are local residents who plan to live in the property.
The residence, with views across the harbor to Sydney’s CBD, was originally configured as two apartments when the Camuglias purchased the first half of the property in 2004.
Records show the owners filed a DA in 2018 for an expansion and modification, with a budget of $440,000. It undoubtedly cost much more than that.
This week’s result surpasses the previous 2025 house record of more than $60 million for a waterfront home at 11 Coolong Rd, Vaucluse, set last month (although an $80 million apartment was sold).
MORE: ‘Punch me’: The angry bidder’s wild auction act
It is located right on the waterfront.
That was a five-bedroom, six-bathroom home with a three-car garage, the home of the late Magda Moss, right next door to Menulog co-founder Leon Kamenov, on 1,663 square feet.
Also the most recent sale Ssmashes the Rose Bay record of $54.6 million for 12 Dumaresq Rd, Vaucluse, set in February.
That was the home of Frank Qiang Geng, who made his fortune from recycled shopping bags.
When contacted for comment, Simon Feilich of Dyson Austen, the leading Sydney property valuer, said this week’s sale highlighted the growing strength of the Rose Bay market.
“This week’s $82.5 million waterfront residence in Rose Bay underlines the suburb’s development,” he said.
“It highlights the remarkable division of the suburb.
“On the one hand, Rose Bay continues to join the upper end of Sydney’s leading suburbs, joining Point Piper as a hub for high-end residential transactions (fifth highest ever sales in Sydney).
“On the other hand, we are seeing a growing wave of collective housing transactions, merging old family homes to accommodate state government-led LMR redevelopment, including aged care and medium-density projects.
MORE: Negotiation blunders that cost a fortune
“Some of these group sales have reached $150 million across 10 properties.”
“One thing is certain: the suburb is entering a defining chapter that will change its landscape, skyline and character for generations to come.”
Located right next door to Villa Florida, the Tivoli Ave home is the Michael Suttor-designed home that was purchased by Coverforce insurance broker Jim Angelis for $45 million in 2021.
Orazio Cambuglia and his wife Yolanda write in a 2007 newspaper story about their legal battle, which cost more than $200,000, over a neighbor’s proposed development that threatens their harbor view.
According to the report, they bought their apartment in Rose Bay for its harbor views.
“Before we bought, Yolanda even went there [Woollahra] municipality to learn more about people building in the area and affecting the view,” says Orazio Camuglia in the story.
MORE: ‘Losers’: Sydney suburbs where house prices are falling
They must have been successful because their property has a beautiful view of the harbor.
The Camuglias spent many years renovating the property, with highlights including a waterfront gym and dock.
Their property purchases included Coogee Castle. They had bought the original house at 14 Bunya Pde, South Coogee, in 1988 for $621,000.
They later commissioned Yolanda’s sister, architect Renato D’Ettore, for a striking renovation and it was sold to advertising executive John Singleton in 2003 for $8.2 million.
He made a loss on it and sold it for $7.5 million to Laurie Macri, former director of Macquarie and chairman of the Australian Turf Club, and his wife Christine.
Macri sold it to Finder co-founder Fred Schebesta in July 2021 for $16.85 million.
D’Ettore also designed an Italianate home in Surry Hills for Camuglia’s cousin, Mark Camuglia, which sold for a record suburban $11.5 million in 2020.
MORE: A new $2.2 billion high-rise district will transform the interior
#Rose #Bay #house #sells #million #top #sale #year #realestate.com.au