William Deague, of the millionaire property developing Deague family, has secured a Toorak home set on the corner of two of Melbourne's priciest streets.
Like father like son, it has been demolished.
The 1930s home, hidden behind a vine draped facade on a 2000 square metre parcel on the corner of Orrong and St George's Road, was mooted to have initially been set to sell to Chinese buyers for $14 million, but they didn't proceed.
Instead Deague paid $12.2 million for the two storey, European-style home with four bedrooms which did not have any heritage restrictions.
A swimming pool, heated spa and tennis court sit in the 1995 square metre grounds. It last traded at $2.2 million in 1994.
This article first appeared in The Weekend Australian.