A reputed record $40 million has been paid for a Toorak mansion by the mystery Chinese buyer, Qi Yang.
The grand 1920s home at 18 St Georges Road was bought from the Darling family in an off-market deal which has yet to settle.
Mowbray, a five-bedroom two-storey, stretches across around 5000 square metres includes a pool and tennis court with changing room and a self-contained guest wing.
A Stonnington Council report from 2014 states that the house was built by noted architect Christoper Cowper.
The house was not protected by heritage overlay.
The sale of the Mowbray estate exceeded the prior record of $26.25 million paid by Netflow managing director Phil Dreaver last year for the modern 9 Towers Road mansion owned by the Besen family.
Mowbray was sold by former Mirvac director Marina Darling and husband Anthony who acquired it from venture capitalist Roger Allen and his wife Dianne for $4.9 million in 1995, the highest sale in Melbourne of that year. It sold at $3.95 million in 1987.
The Australian speculate the buyer may be a Chinese citizen who may be subject to FIRB approval.
The sale was mooted in July.