Former Allianz boss spends $15m on Woollahra pad

Former Allianz boss George Sartorel and his wife, Kathy, have taken the keys to the Woollahra home formerly owned by Goldman Sachs managing director Marissa Freund and her husband, Next Capital’s James Murphy.

The Goldman Sachs local head of M&A and Mr Murphy, a partner at the mid-market private equity firm, purchased the Wallaroy Crescent property in 2013 for $5 million and sold it to the Sartorels for three times the price – $15 million – a decade on.

The price uplift was due to market tailwinds in the blue-chip locale, further bolstered by a major revamp of the 1920-built home by prominent architect Michael Suttor.

Features of the five-bedroom property include grand entrance foyer, entertainer’s marble kitchen with breakfast bar, heated pool, office, custom cabinetry, underfloor bathroom heating and a mudroom.

While the property sold in August, recently updated settlements have confirmed the former Asia-Pacific CEO of Allianz Insurance and his wife were behind the purchase. The property was sold by Raine & Horne Double Bay’s Alex Lyons, who could not be reached for comment.