The bitter rift behind the record $50million price tag on this waterfront palace – and how an ugly row between mates brought down a company
- A whopping $50million price tag for a home comes as its builder faces litigation
- Robert Yazbek spent 4 years rebuilding home in Stokes Point on Avalon Beach
- The six-bedroom and seven-bathroom home is in Sydney’s northern beaches
- Yazbek and his wife Annette were behind the luxury home with a 21-metre pool
- The Atlas Construction Group he co-founded is ensnared in legal action
- Billionaire Kie Chie Wong is disputing his ex-pal Yazbek over Mascot apartments
- Atlas in now in liquidation with $15million owed to Wong’s developer Fitz Jersey
A spectacular mansion put on the market will break local property records if it reaches its price tag of $50million.
Meanwhile, the property owner’s business was caught up in a bitter feud that shattered a 37-year partnership.
Builder Robert Yazbek spent four years doing a luxury rebuild on the waterfront six-bedroom palace in Stokes Point, Avalon Beach in Sydney’s northern beaches.
The three storey, 1,600sqm luxury home boasts seven bathrooms, expansive views over Pittwater, a 21-metre infinity pool, a sauna, an inclinator down to the waterfront, a private jetty and boatshed.
The six-bedroom and seven-bathroom residence with a 21-metre pool and feature staircase was designed by architect Robert Burton (pictured)
Builder Robert Yazbek spent four years doing a rebuild on the home in Stokes Point, Avalon Beach in Sydney’s northern beaches with a luxury fit-out (pictured)
A long-running row between Mr Yazbek and billionaire Kie Chie Wong sent the builder’s Atlas Constructions Group company into administration.
The two men have worked together on building projects for more than 30 years, including Mr Wong’s Maroubra home in 1985.
The dispute dates back to the 2010 development of a 500-apartment unit block in Mascot, Sydney, which involved both companies, the Sydney Morning Herald reported.
Justice James Stevenson found that an associated shareholder loan and dividends payment to Atlas directors was made ‘with the intention to defraud Fitz Jersey’.
In April, the Supreme Court found Mr Yazbek’s commercial interests owed Mr Wong $15million, although that judgement may go to appeal.
Atlas is now in administration under liquidator Bruce Gleeson – who is also handling the financial fallout from runaway conwoman Melissa Caddick.
But Mr Yazbek’s lavish home – dubbed Celeste – which is not linked to the administration, is set to break local records if it manages to sell for its breathtaking price tag.
He bought five years ago for $12,995,000 but is said to have invested millions since in its no-expense-spared renovation, which also features designer landscaping.
If it hits its ambitious price target it will set a new record even by the lofty standards of the top end of Sydney’s northern beaches.
Previous top sales in the area were the $27.5million achieved by WiseTech billionaire Richard White in Palm Beach and the $40million for the mansion of developers Bob and Margaret Rose.
The dispute between Mr Yazbek’s Atlas Construction Group and Mr Wong’s Fitz Jersey development company dates back to the development of a 500-apartment development in Mascot, Sydney, (pictured)
The Pittwater waterside property has a sauna, private jetty, (pictured) boatshed and an inclinator lift that goes from the waterfront to the street