How a Melbourne family built an $ 11 million real estate empire – and the touching way they plan to spend the money once they sell it
- A family from Yugoslavia built a real estate empire
- Paul Kunek’s parents bought a property in east Melbourne in 1965
- They then acquired the two neighboring houses, one belonging to a relative
- Mr. Kunek then bought two properties in the back to complete the “mega-block”
- The family are now selling the block and intend to split the money between them
A family that has built a real estate ’empire’ by securing multiple homes on the same Melbourne block is set to sell them as a package for $ 11 million and plan to share the windfall with their entire family. clan.
The Kunek family unwittingly became property tycoons after acquiring all five homes through decades of relatives living in Box Hill in the east of the city.
Paul Kunek’s parents, originally from Yugoslavia, bought the first house on Glenmore Street for Â£ 7,500 in 1965 – a year before the introduction of decimal currency.
The Kunek family plans to distribute the money from the sale of the “mega-block” (pictured) among 10 family members
Paul Kunek said his parents bought their first house (pictured) on the street in 1965
Two decades later, they bought their next door neighbor’s house for $ 80,000 in 1985.
The house on the other side belonged to Paul’s uncle, whom he bequeathed to the couple by will.
To complete the five properties, Paul purchased two back properties for $ 150,000 in 1996 and $ 1.68 million in 2019.
The family are now selling them all as a “mega-block” that is expected to earn them a salary of $ 11 million – which they will share among 10 family members.
âMy dad said it’s not how much to earn, but it’s what you do with your money,â Paul told 7News.
“Because they had nothing in Yugoslavia, every little dollar was a huge sum.”
The properties themselves may be modest (pictured), but they are adjacent creating a large plot of land in one of Melbourne’s fastest growing suburbs
The block is expected to earn the Kuneks a salary of $ 11 million when they sell the properties together
The site is 3,822 mÂ² in total and Mr. Kunek assumes that a residential or commercial developer will purchase the site and develop a project that “benefits the community”.
The area is zoned as residential and height limits apply, and the development of an elderly care complex or townhouse would be the most likely developments.
Box Hill is one of the fastest growing suburbs outside of Melbourne’s CBD with a thriving community.
CVA Property Consultants’ sales agent Jarrod Moran said it was the first offer he had seen like this in 10 years of real estate.
Expressions of interest in the bloc end in about a month.
CVA Property Consultants sales agents said a block like this in Melbourne is rare (pictured, one of the houses)
The area is zoned residential, therefore commercial or industrial developments would not be allowed