Lucky 88 Hyde Park The Residence penthouse sale caught in bad luck run of three

They say bad things come in threes, so perhaps not surprisingly Sydney’s third record-setting penthouse sale has floundered.

It was reported last December in the Australian Financial Review that the penthouse in the Hyde Park tower The Residence had been sold by the developer Galileo Group for around $20 million.

But no exchanged contract was ever signed and buyers are now being invited to inspect the soon-to-be furnished apartment 88 from next month.

It’s listed by CBRE agent Ben Stewart, who repeatedly and accurately maintained no sale had taken place, but this was ignored in all the media reports barring Title Tattle.

The Title Tattle column noted the sale of the penthouse of The Residence had become akin to pulling a rabbit out of a hat as there had also been an initial premature AFR September sale report that suggested a very bullish $25 million. Then December's updated sales advisory had it at $20 million plus. But Title Tattle reported suggestions that no official exchange had actually occurred, although there was definite buyer interest.

Sydney's bad luck run with record penthouse price-setting sales not transpiring included developer Andrew Richardson, who in 2009 lost his record $20.1 million off-the-plan penthouse buyer in The Elizabeth, which also overlooks Hyde Park. Richardson had accepted a $100 deposit for the proposed three-storey penthouse from the now-bankrupted businessman, Rodney Price.

Ashington's former $70 million Wylde Street, Potts Point project was the location of the earlier other abandoned record setting deal.

Ashington had sold the penthouse atop its proposed six-floor 10-unit complex designed by Tzannes Associates. But the buyer Duncan Hardie who was willing to continue with his intended $20 million purchase, didnt really get a choice as the Ashtington project never proceeded following the collapse of the Ashington company.