SPEERS Point has a new suburb record after a palatial home with 1132 square metres of internal floor space sold on Wednesday.
The property at 334 The Esplanade sold to a buyer from Merewether for $10 million.
The figure smashes Belle Property selling agent Anthony Di Nardo's previous record set in July 2021 for the sale of the landmark property "The Knoll", also on The Esplanade, which sold for $3.6 million.
It also takes out the title as the most expensive home ever sold in Lake Macquarie.
The previous highest price recorded for a residential property in the Lake Macquarie region is $6.15 million, however, this was set on a resort-style acreage on 91 hectares in Martinsville in 2019.
Around 40 groups inspected the luxurious five-bedroom home before it was sold to a buyer from Merewether.
Mr Di Nardo said the home attracted interest from buyers in the Newcastle and Hunter region, Sydney and overseas, including the US, China and India.
The house was on the market for less than two weeks.
"When it comes to property, buyers of that sort of calibre know what they want," Mr Di Nardo said.
"There is not another one of these [houses] and if you wanted to duplicate it, it's four years out of your life by the time you acquire two blocks, pass council and then start building, so it's a long time in the making.
"Those properties are once in a lifetime."
Set across two levels on a 2078 square metre block with a wide frontage and lake views, the ultra-modern home includes an indoor pool with a spa, a slide and a sunken lounge area with in-ground fire pit.
A polished concrete double staircase leads up to the bedrooms, including the master suite with ensuite, walk-in robe and dressing room, and bathrooms, with the design created to take in the lake views from every room.
The home also has six bathrooms, a sauna room, a bar, and a designer kitchen with a butler's pantry.
The residence drew much curiosity during the two-year construction phase given the size of the home.
Mr Di Nardo said the vendors Satwinder Singh and Nafiza Nisha, who are relocating to Sydney after living in Lake Macquarie for the past 20 years, are "over the moon" with the result.
He said the sale result was not a surprise given the fact that the home is built to such a high quality on a double block.
"I was confident in that $10 million mark because the cost on 1,300 metres internally for a quality build now is $4,500 to $5,500 per metre square," he said.
"If you look at the cost of the land alone, which is two blocks, it's worth potentially $4 million just on that."
The vendors worked with local suppliers and businesses for the build including Newcastle design firm Doring Design and builder Richard Kolomy of Valentine Constructions who brought his vision for the home to life.
