Melbourne’s wealthy Myer family are preparing to sell their iconic Toorak mansion in a move that could top the city’s $80m house price record — and potentially crack $100m.

The historic mansion has been in the family’s hands since 1921 when it was bought by Sidney Myer, but they have today confirmed they will list the home for sale in October.

An asking price has yet to be revealed, however prominent buyer’s advocate Matthew Cleverdon said the 62-62A Clendon Rd home was one of Toorak’s “most iconic” and would “definitely give the record a run”. Toorak and Melbourne’s current house price record was set in 2022 when crypto casino billionaire Ed Craven bought a St Georges Rd mansion for about $80m. In a statement, the Myer family said they believed the more than 1.1ha property, which is one of only two homes in the suburb to have that much land, was a once-in-a-century opportunity. Myer Family Investments chairman Sidney Myer AM, grandson of the original Sidney Myer who founded the eponymous retail chain, said the “treasured home” had been a focal point for the family for generations.

“With over 100 years of family ownership, and with our 5th generation expanding, the time has come to pass the keys of our home and its magnificent garden to a new owner and custodian,” Mr Myer said.

The home’s features include a library, its original parquetry-floored ballroom, multiple living areas and formal entertainment spaces, as well as expansive gardens — including a sunken formal garden that has been praised as one of Victoria’s best.

The original home was built in 1903 and bought by Sidney and Merlyn Myer in 1921, before they remodelled it. While a family home to Dame Merlyn until 1982, it has since been used for family gatherings and to host charity events.

The property will be sold via expressions of interest via Marshall White’s Marcus Chiminello.

“Cranlana is without peer in the Victorian property market,” Mr Chiminello said.

“Once-in-a-generation opportunities like these often create their own market and we anticipate interest from buyers locally, nationally, and from afar that will be excited about the opportunity to become the new custodian of Cranlana.”

Charter Keck Cramer’s Scott Keck, Tom Byrnes and Patrick McNulty will act as transaction advisers for the Myer family.

Morell and Koren high-end buyers agent Mr Cleverdon said local buyers were likely to be those who had sold companies for large sums in recent years, but would compete with expats and wealthy individuals from across Asia. He added that the top end of Melbourne was struggling for transactions this spring, but the Myer family listing could boost confidence. “So far it’s been underwhelming,” Mr Cleverdon said.

“Hopefully this listing might bring a few more out to play. Sometimes you can get a bit of confidence out of listings like this.”

Another of Toorak’s top end real estate agents, RT Edgar’s Jeremy Fox, said he believed the home would stir interest in the market.

“Someone will come out of the woodwork,” Mr Fox said.

“It’s a blue-chip position, the best in Toorak.” Both agreed that whether the home became Melbourne’s first $100m house sale would depend on the condition of the historic residence.

Another Toorak listing on Macquarie Rd has also been pursuing a house price record for Melbourne this year, with a price guide above $80m.

The stunning home has a resort-like feel and has been listed for sale through Forbes Global Properties’ Michael Gibson since March.