Vacant Toorak block on the market for $40 million

A controversial block in Melbourne’s blue ribbon suburb of Toorak is up for sale with an eye-watering price tag of $40 million.

The landmark mansion that used to sit at 16 St Georges Road was torn down by wealthy Chinese businessman Wang Hua and his former wife Xiao Yan Bao, causing huge public outcry.

The now vacant 4000sq m block has been listed by Ms Bao, with the premiere piece of land set to go for between $40-44 million, giving the owners more than two times increase on the $18.5 million they paid in 2013.

Local residents told 9News the pair never lived in the home before they demolished it in 2015.

Eddie Young from the Toorak Village Resident Action Group said he’d like to see a “single dwelling of maybe two stories” built on the prestigious piece of land.

But Young admitted that the ideal situation doesn’t happen all that often.

The sale, at this stage, looks to be happening off market.