Eileen 'Red' Bond's $20 million Double Bay party pad sells in just 25 days

A tightly held harbourside penthouse once owned by the late Australian socialite Eileen Bond has sold for $20 million prior to auction after just 25 days on the market, defying broader signs of cooling across the Sydney real estate market.

According to View.com.au the median price for a unit in Double Bay is $1,903,000, offering an estimated rental yield of 3.2 per cent.

The sprawling four-bedroom residence at 3/9 Gladswood Gardens in Double Bay was offloaded by her children, including prominent Perth real estate figure Jody Fewster, following an intense campaign that drew 232 inquiries and 62 private inspections

Spanning approximately 492 square meters, around double the size of a typical modern penthouse, the dual-level residence combines house-like proportions with classic Art Deco character, a pairing rarely offered in such a tightly held pocket as Double Bay.

It last traded in 1986 for $1.2 million, when it was acquired as a Sydney base for Eileen Bond, the first wife of Perth-based business magnate Alan Bond, where she hosted famous celebrities and politicians such as the late Barry Humphries and Prime Minister Bob Hawke.

"Parties would start with a Friday lunch and then end up on the balcony looking out over Double Bay," her daughter Ms Fewster recollected fondly. "Wherever she went the parties followed."

"That's the way she was ... the life of the party. She spent three months of the year there and would go intermittently at other times of the year."

Ray White Double Bay principal Elliott Placks said buyer demand was broad but notably driven by affluent downsizers.

"The reaction from the marketplace was truly amazing. We saw strong engagement from a wide pool of serious buyers, with particularly compelling interest from downsizers and investors seeking a super blue-chip asset," said Mr Placks.

Mr Placks said of the property, "This is one of the finest residences to come to market in Double Bay. With a prized northerly aspect and a stone's throw from Red Leaf Beach which in my opinion is one of the best eastern suburbs harbour beaches on offer, this property will really appeal to high-end buyers. The proportions are incredible "

The sale was finalised prior to auction, an increasingly common strategy at the very top end of the market.

While higher interest rates have slowed activity in some segments, prestige properties with strong fundamentals such as scale, position and provenance are continuing to transact quickly, often before reaching auction day.

The buyer was represented by high-profile buyers advocate and View.com.au property expert Simon Cohen, with their identity remaining undisclosed.

Tucked away in a quiet cul-de-sac, the penthouse served as a private retreat for Bond, who spent several months of the year in Sydney. The residence captures sweeping, uninterrupted views across the harbour and surrounding bayside enclave.

For the Bond family, the transaction marks the end of an era, closing a 40-year chapter tied to one of Sydney's more recognisable social figures. Ms Fewster described the process as seamless, but acknowledged the emotional weight of parting with a long-held family home.