5 St Ninians Rd, Brighton has sold.

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A beachfront mansion on Brighton’s Golden Mile has sold for about $24m, making it the biggest residential sale for the suburb this year.

Developer and director of CBD Development Group, Chen Guo Jing was revealed to be the seller, who the Sydney Morning Herald reported had six companies collapse during the pandemic.

Mr Jing once said that Australia “couldn’t survive” without Chinese migrants.

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His former seven-bedroom house at 5 St Ninians Rd was offloaded for just below its initial $24.95m-$25.95m price guide.

While Marshall White Bayside director Ben Vieth declined to comment on the sale price, but said it set a new residential benchmark for the suburb this year.

Unobstructed views of the bay.

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Industry sources revealed the home sold for circa $24m to a local family.

CoreLogics records show the Brighton abode last changed hands for $13,500,888 in October 2015.

Morrell and Koren buyer’s advocate Matt Cleverdon said there were very limited chances to purchase waterfront properties on the Golden Mile.

“You may only get one of these waterfront opportunities a year offered on market,” Mr Cleverdon said.

The expansive beachfront property.

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“When they come up, common sense often goes out the window for some.”

The expansive property spans across 1800sq m, and has unobstructed views of the bay.

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