BOUGHT for just over $700,000 more than two decades ago, this Sydney Harbour-view mansion is now set to sell for more than $10 million.

Paul Disalvo and his wife Lucy bought their Vaucluse home in 1992 for about $725,000, a figure that in the ’90s was considered a hefty sum.

“It was a time where either we were going to do it or not,” Mr Disalvo said.

“I think there was a drop in the value of properties and it was either now or never.”

The original home at 13 New South Head Rd, Vaucluse bought in 1992 for about $720,000.

The home has now been rebuilt into a $10 million, five-storey home.

The couple bought what was then an old yet secure four-bedroom, single-level, Art Deco style home from a woman who had been widowed.

“We saw the view from the front window and thought, ‘it doesn’t matter what it looks like, we’ll buy it’.”

Mr and Mrs Disalvo came to the 13 New South Head Rd property with two daughters and after settling in, extended their family by one more.

Mr Disalvo said all three girls attended Kincoppal Rose Bay, just across the road, and it was not until well after his daughters had moved on that the family chose to renovate the house.

The view from the mansion on New South Head Rd.

“It happened all of a sudden, we thought ‘let’s capitalise on this property’ and took it from there,” Mr Disalvo said.

Prior to rebuilding the home Mr Disalvo had split his time between developing properties and working in the restaurant business with his brother.

He brought on an architect and builder to create the new home and had initially intended to live in the property once completed.

“When I first discussed it with architect I said ‘look I just want a four-bedroom home’. Then he came over for a site visit and he kept looking at the view and said ‘you can’t just build a four-bedroom home, I have to go back and take into account the view.”

“He came back with this really modern looking building. When I first saw the drawings I thought ‘what are all these funny angles in the place?’ I didn’t realise until it was built that what those angles did was make sure that wherever you stood in the house you could see the view.”

Paul and Lucy Disalvo bought the original home in 1992. Picture: Craig Wilson

While Mr Disalvo would not disclose how much the build cost, he did acknowledge it had been very expensive.

With one daughter married and living out of home and another about to move out, the Disalvos decided the now five-bedroom, five-story home was too large for the three of them.

“It’s an entertainment house; it has everything you could possibly have. There are a lot of barbecue and entertainment areas, a roof terrace and 270 degree views right throughout the home,” he said.

Inside the home spans five levels with harbour views visible from each of the living spaces.

There are five bedrooms in the home which was once just one level.

The family found it difficult to watch as the original home was knocked down and expect to find it tougher still once it finally sells.

“It will be hard to say goodbye. We’re in two minds, we’ve lived here so long, the house becomes part of you,” Mr Disalvo said.

The property is listed with Ray White Paddington’s Dean Jarman.

While Mr Jarman said it was too early to provide an official price guide for the home, he is expecting interest “north of $10 million”. Expressions of interest close September 16 at 12pm.

[Source: Daily Telegraph]