One of the North Shore’s most recognisable homes in Castle Cove has slashed its asking price by $3.5 million in a second attempt to find a buyer for the sprawling waterfront property.
The home at 47-49 Neerim Rd is now listed with a guide of $19.5 million ahead of a scheduled auction in July. This move comes after the property failed to sell following its initial launch onto the market in October last year, when it carried a $23 million price tag.
The property, which sits on a substantial double block spanning 2,537 square metres, has been handed over to a new agency to manage the sale. The residence was originally purchased in 2021 by businessman Hao Wang and his wife, Aobing Li, for $9.5 million. The couple is now looking to move on after attempting to secure a result that would have rivalled the suburb’s record sale of $22.2 million for the nearby Neerim House.
Isabella Yan of Shead Property noted that while the home attracted plenty of interest, with 27 groups attending the first inspection, many prospective buyers found the sheer size of the residence overwhelming. She suggested that the home is best suited for a large family or perhaps an intergenerational household that can make use of the vast internal space.
The house, designed by Swiss-trained architect Gerry Rihs, is known for its unique exterior, which has often been compared to a spacecraft. Inside, the design centres around a three-level floor plan linked by a lift, featuring a grand marble-lined foyer beneath a stained-glass dome. The home takes full advantage of its position on the water, with walls of glass capturing views of Middle Harbour and Bantry Bay.
Beyond the living areas, the home includes a range of high-end amenities designed for a resort-style lifestyle. The grounds feature an infinity pool, a putting green, and a newly installed pickleball court. The interior is equally well-equipped for recreation, offering a home theatre with seven reclining seats, a dedicated gym with harbour views, and a wellness suite that includes a massage room and a Swedish sauna.
For those who enjoy hosting, the terrace includes a teppanyaki grill, a pizza oven, and barbecue facilities, while the interior boasts a professional-grade Gaggenau kitchen and a stone cocktail bar. With seven bedrooms and ten bathrooms, including a self-contained apartment, the residence provides a level of scale rarely seen in the local area.
Published Date 06-July-2026
