Tamarama site owned by socialite Diane Maloney sells for $20.25m

Diane Maloney and ex-husband Kim Maloney. A derelict beachfront property owned by a Sydney socialite sold under the hammer for $20.25m – a whopping $8.95m less than when it broke the Tamarama suburb record in 2022. The block of five rundown apartments belonged to Diane Maloney but was sold as a mortgagee in possession. Ms Maloney is reportedly selling off multiple properties to pay off debts, including the Plaza Hotel (formerly Star Bar), according to media reports. MORE: Aussie acting royalty’s $5.5m home for sale Agent Alexander Phillips and auctioneer Damien Cooley of Cooley Auctions as the hammer fell on the $20.25m sale. Picture: Jane Dempster Ms Maloney with her children Ryan and Sarah at a costume party. It’s understood Ms Maloney’s DJ son had been living in the property. Inside the Kenneth St home was a disco ball in the dining room, peeling paint, a backyard hot tub, a taped up “VIP Area” sign on the back deck, a roof gutter in the front garden and fresh shag carpet inside. This auction was the perfect insight into the higher end of the market where prestige properties have been struggling to sell in recent months. MORE: Homeowner demands $6.5m for modest house A large cro...