The Sydney house that Pandora jewellery built gets an $8m discount

The Newport mansion owned by Brook Adcock, the former Pandora Australia boss, has had its price guide reduced by $8 million.

First on the market in November last year with a price guide of $27 million, the home’s guide was reduced to $24 million in February. It was briefly listed with another agency in May and is now on offer with the original agency with a guide of $19 million.

Adcock co-founded the Pandora jewellery franchise in Australia with his then-wife, Karin Adcock, in 2004, and the pair have since sold back their interests to the Danish parent company in a rumoured $100 million deal.

Brook purchased the six-bedroom, six-bathroom house for $14.6 million in 2008, a year before starting his own private equity firm and leaving behind a career as a military and Qantas pilot, and is selling as his children are now adults.

The residence is on two north-facing blocks and includes a self-contained guesthouse, gym, billiard room and wine cellar.

There are uninterrupted Pittwater vistas with an infinity-edge pool, landscaped gardens, a 130-foot jetty, boatshed and two deepwater berths for a 60-foot vessel and a smaller one.

James Baker of McGrath Pittwater Avalon, who holds the listing alongside Lauren Garner, said they had received positive feedback since the price reduction.

Baker said the new guide offered great value, particularly for boat enthusiasts.

“The home is a boating heaven as it’s one of very few north-facing double block properties in the suburb. It offers permanent mooring for two boats and is in an area protected from prevailing winds,” he said.

“In 20 years of selling properties on the northern beaches, I haven’t come across a property that offers all of these boating facilities, alongside a north-west aspect, double block and sensational views. It offers great value for buyers.”

IBISWorld estimates the 2026 total company revenue for Pandora Australia and New Zealand to be $356.62 million, and expects Australia-specific revenue to grow to $275.54 million.

Multiple prestige listings have had a reduction in asking price recently, with vendors prepared to meet the market.

Property tycoon and fellow Rich Lister Robert Magid and his wife, Ruth, first listed their Point Piper mansion in August with a price guide of $85 million. It’s now guided at $75 million. Pillinger’s Brad Pillinger and Michael Pallier of Sydney Sotheby’s International Realty are the listing agents.

El Jannah co-founders, Andre and Carole Estephan, have reduced the $11 million guide set in February for their Dural home to $8.95 million to $9.35 million, in a campaign handled by McGrath Castle Hill’s Louis Stapleton and Will Davidson.

Paul Cave, founder of Sydney’s BridgeClimb, put his Central Coast holiday home on the market in October last year. There was no price guide at the time, but listing agent Stuart Gan of Christie’s International Real Estate NSW, referenced an $8.9 million auction result last September for a property at Coral Crescent in Pearl Beach.

The four-bedroom, three-bathroom residence is now “reduced to sell” with a price guide of $7.5 million to $8.25 million.

Actors to offload coastal home

Beloved actor and producer Bryan Brown and his wife, actor and director Rachel Ward, have put their Whale Beach home on the market with a price guide of $5.5 million.

The couple fell in love on the set of television miniseries The Thorn Birds in 1982 and married the following year in which the show aired. Bryan’s film credits include Cocktail alongside Tom Cruise and Two Hands alongside the late Heath Ledger and Rose Byrne. Rachel appeared in films including Against All Odds and Dead Mean Don’t Wear Plaid and transitioned into directing.

Records show the Browns purchased the three-bedroom, two-bathroom 1950s beach house for $460,000 in 1993, a figure that seems dream-like in today’s climate. They also own a property in Birchgrove, bought for $1,465,000 in 1995.

The Whale Beach residence features P&O-style architecture, and there is a pool and entertaining spaces.

David Edwards and BJ Edwards of LJ Hooker Palm Beach are selling the home, and both declined to comment on any aspect of the listing.

In the city…

The inner-city pad owned by the late Frances Gunning, wife of prominent cardiologist and co-founder of Heart Research Australia, Dr John Gunning, is listed for $7 million to $7.5 million.

In a complex designed by renowned architect Renzo Piano, the three-bedroom, two-bathroom apartment has a house-like layout.

There is a terrace-style winter garden with views of Sydney Harbour and the Botanic Gardens. Communal areas include a pool, spa, sauna and gym.

Records show the unit last sold for $3.8 million in 2009 and is now under the name of the couple’s three sons.

Michael Pallier and Francis Egan of Sydney Sotheby’s International Realty are selling the property.

Cheers to Title Deeds!

It was a full circle moment when this masthead was invited as a guest to dine at Spezia this week, a new Italian restaurant at The Lands by Capella in Sydney, within the walls that once held actual, physical title deeds in the former Department of Lands building.

The 130-seat, open-air piazza is the brainchild of Florence Guild’s Soren Trampedach and Michelin-star chef Jae Bang, and menu items include the grissini with Earl Grey, tomato powder and whipped butter, the rib eye, market fish and eggplant with tandoori masala, stracciatella, soy crumble and basil.

Kristy Johnson dined at Spezia as a guest of the restaurant.