CRYPTO

Melbourne real estate: Crypto boss Ed Craven buys $38m Toorak mansion

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Eyebrows were raised after a man in his 20s snapped up an eye-watering $38 million mansion in Melbourne.

An Aussie cryptocurrency boss has just sunk $38 million into a Melbourne mansion despite only being 26 years old.

Melbourne-based Edward Craven co-founded crypto gambling platform Stake.com in 2017.

Essentially, the company lets gamblers use cryptocurrencies rather than just fiat money to make punts on anything from sports betting to casino-style tournaments.

In December last year, the operation was valued at around $1 billion.

Now, Mr Craven has forked out nearly $40 million on a luxury four-bedroom, four-bathroom, three-car-garage, 2000sq m home in Toorak.

At first it was reported the property was bought by someone in their 20s. On Friday, it was revealed that Mr Craven was the purchaser.

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Mr Craven bought the extravagant mansion last week.

It was sold off-market for an easy $38 million.

At first the sale price was undisclosed, although on Instagram the real estate agent said there were “almost 40,000,000 reasons to celebrate”.

Then Marshall White director Marcus Chiminello confirmed to realestate.com.au that the property, designed by Conrad Architects, sold for around $38 million.

That’s a phenomenal price considering that in 2018, when the property last sold, the mega mansion attracted $12.2 million as a sale price.

Essentially, it has basically tripled in price in the space of just four years.

The home was apparently knocked down and then rebuilt during that period of time.

The house has an art deco design theme, with a square pool melding into the garden, a curved staircase, and sculptures littered throughout the place.

An installation of 50 ball lights also adorns the dining space.

Surprisingly, the home’s stunning purchase price didn’t break any records for the affluent Toorak area.

Chemist Warehouse boss Sam Gance bought a house in Lansell Rd last year for $43 million.

Before that, tech entrepreneur Kogan.com founder Ruslan Kogan held the previous record of $38.8 million.

The most expensive house bought to date in the state is Stonington Mansion in Malvern.

Back in 2018, it broke Victoria’s property record after being snapped up for $52.5 million.

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