Brand new castle-inspired masterpiece selling for less than its build cost
This incredible 1.25 acre Fountaindale property features two homes, one of which has just been completed at a build cost of around $4.1 million.
No expense has been spared on the construction of the new five-bedroom, three-storey home, which features marble columns, 300 square metres of mahogany floorboards, a lap pool, tennis court and huge open spaces. A second adjoining three-bedroom home is around 15 years old.
The property’s vendor, Ken Hargreaves who designed and built both homes for his extended family said the new mansion was inspired by English castles.
“I just love open space which is why I built it like this. I love the grandeur,” he said, adding that the main bedroom alone is 128 square metres.
Ken said he has “poured money into it like it is going out of style” but that he had wanted to do the location justice.
“Honestly it is so peaceful here. Every night we sit and look at the beauty that surrounds us. The hills full of trees, all the birds.”
Adding to the property’s air of elegance is a grand driveway bordered by large hedges and jacaranda trees that also watch over the full size tennis court.
Other features of the main home include an indoor lap pool pool with gymnasium and wet bar, a library, office and theatre, wine cellar, commercial kitchen, stunning bathrooms and a billiard room.
Selling agent, Jan Gairn from Ray White Gosford said she has never seen another property like it in the area.
“If you were to rebuild the existing accommodation, based on the BMT tax depreciation quantity surveyors calculation, the replacement cost alone would come in at $4.1 million and that doesn’t even include the land or tennis court,” she said.
“At $2.82 million it is a phenomenal buy.”
“It would be a great home for a large or extended family that want their privacy, while it’s also a real entertainer’s house.”
It offers plenty of business opportunities too,” Jan said, citing a bed and breakfast, cellar door and home based child care as being permitted with consent.
Only 60 minutes drive to both Newcastle and Sydney, the property is closer to the action that its rural zoning suggests.
Local education institutes include Newcastle University Ourimbah campus which is only a few minutes drive away, while Ourimbah Public School, Lisarow Agricultural High School and Central Coast Grammar are all nearby. A school bus stops at the front gate.
Speaking of his 20 years living at this address, Ken said they hold dear memories for he and his wife.
“When we arrived we lived on the land in a caravan with no running water for three years while I built the first house. We will miss it so much when we leave. We really will.”