Former ANZ boss Mike Smith has put his Toorak mansion back on the market after a Chinese buyer failed to complete a reported $15 million purchase.
Smith put the failure of his sale down to poor legal advice after its listing in February.
“It only ever got a verbal stage, not to a written stage that I was prepared to accept,” Smith told the Australian Financial Review.
“The sale fell through, which was fortuitous because the renovations we were doing on our [newly purchased] apartment have taken far longer than expected,” Smith said.
“The house is back on the market.”
Smith bought the Hopetoun Road property from businessman John McMurrick for $9.65 million in 2008.
Designed by Wayne Gillespie, the home comes with five bedrooms, six bathrooms, a swimming pool and a tennis court.
The near miss comes after a number of big money sales to Chinese nationals in the glamorous suburb have fallen through in recent months.
A five bedroom home at 23 Montalto Avenue is back on the market after the contract was rescinded after the Chinese buyer couldn't get the $8 million into Australia.
The 1927 property is back for sale with original agents RT Edgar in conjunction now with Abercromby's.
A Whernside Avenue home in Toorak reputedly sold for $12.2 million earlier in the year, but with delayed settlements terms because the buyer was struggling to get the money out of China.
Marketing has continued with RT Edgar seeking $12.5 million offers.