Mr Gibson, who has been a Kay & Burton director for 30 years  – and managing director since 2007 – will demolish a brick home, swimming pool and outbuildings at 125-133 Walsh Street to develop the three-level apartment block.

The smallest flat – still a house size at 395 square metres – has just been listed, off-the-plan, asking $6 million. It includes three bedrooms, three bathrooms, a 77-square-metre terrace and three undercover car parks.The largest apartment on offer covers 540 square metres and includes a 76-square-metre terrace.

Gibson is adopting an "if you can't beat them, join them" strategy, with many other historic homes on the ritzy street near the Royal Botanic Gardens demolished in recent years to make way for apartments.

Ironically, elements of Gibson's proposal were opposed by his neighbour, Michael Yates, one of South Yarra's most prolific developers, according to documents lodged with City of Melbourne council.

Gibson's Kay & Burton colleagues Andrew Baines and Gerald Delany are marketing the Carr Design building, which will be known as 131 Walsh Street.

Private Property understands Gibson will make one of the apartment's his retirement pad. MP

A wine estate

The prominent wine-growing Shelmerdine family, known for their top tipples, are parting with a picturesque Yarra Valley property.

Vigneron Stephen Shelmerdine and his wife Kate, part of the Myer family, have listed the pretty estate in the wine region.

The Victorian-style home and sprawling land parcel at 210 Lusatia Park Road in Woori Yallock has been leased for seven years but the Shelmerdine's have decided it's time to find a buyer to love and utilise it.

The 33-hectare property with valley and mountain vistas includes vast pastures, a damn and an elegant five-bedroom house with open fires, lofty ceilings and a verandah to enjoy the verdant views.

Keen buyers can perhaps join Phillip French from Sotheby's, who is managing the sale, for a chat over a juicy Shelmerdine shiraz. Expressions of interest close on March 20, with price expectations above $1.6 million. EP

Ultra-luxury in Toorak

A mind-blowing custom-built home at 6 Benson Avenue in Toorak – the only house we have seen with a waterfall window – has all the prestige trimmings, and more, more, more.

The advertising video features a sleek black Aston Martin gliding into the driveway and a man who looks a lot like Rumpole of the Bailey enjoying a smoke and whisky in the property's cigar lounge.

We are filling in the narrative gaps but we assume he winding down after a hard day at the top end of Collins Street.

Even the glam dressing room has high-tech pop-up storage – perhaps a sneaky spot for that priceless Chanel collection.

At Private Property we were gaga over the $7500 wooden bath on The Block last series, but this home trumps that ten-fold, with a rectangular red and black marble soaking tub.

The pool and spa – illuminated by LED lights – overlooks an mega outdoor flat screen TV and an elevated alfresco fire.

Check it out – we love it and wish we had a spare few million to turn it into Private Property HQ.

Dingle Partners' Anton Wongtrakun is the man tasked with the sale. We hope he got to have the fun of piloting the Aston Martin in the video.

Inspections are available but will be private and confidential. EP

Laughing to the bank

Actor and comedian Jim Russell hopes he'll be laughing all the way to the bank after the sale of his Malvern East family home.

Russell, whose credits include the movie Ned Kelly, is no stranger to the real estate game – at least in make-believe. During his time on the long-running sketch show Comedy Inc, Jim performed the role of several auctioneers and in 2011 he played an auctioneer in the Aussie feature, Big Mamma's Boy.

But this time, he's leaving it the professionals – Buxton's Christian de Frece and James Marcou are representing Russell and his wife Kate.

Their beautifully renovated and extended California bungalow at 6 Hilda Street has three bedrooms, a studio/office, and a sweeping paved and decked outdoor entertaining area. It goes under the hammer on March 21. EP

Establishment family's former riverside estate

A riverside compound owned for years by members of the Smorgon family has been listed for sale with price expectations of near $6 million. The 3354 square metre estate at 10 Blythswood Court, Kew, is on the banks of the Yarra River. Several rooms within a fully renovated double-storey mansion capture views of the city skyline six kilometres away. The house also includes four bedrooms, a pool, tennis court and landscaped garden. An expressions-of-interest campaign closing on March 24 is being managed by Castran Gilbert director Paul Castran with Kay & Burton's Scott Patterson and Michael Gibson. MP

Money boss banks on a sale

Superannuation queen Elana Rubin is offloading a mansion in the Elsternwick street revered for its majestic Spanish mission and art-deco homes. Rubin's outgoing domain, in plane-tree lined Los Angeles Court, is expected to sell for more than $1.85 million at auction on March 22. The fully renovated four-bedroom home at number 11, near the quaint Ripponlea train station, is being marketed by Gary Peer and Associate's Nikki Janover and Jeremy Rosens. Rubin is a former Chair of Australian Super and director with NAB Wealth. Last year, as a key speaker at a business leader summit, she expressed concern at a superannuation gender imbalance. MP

Magazine show home on the market

A strikingly modern home in Ivanhoe East with city skyline views is straight from the pages of a magazine. The deluxe five bedroom home at 14 York Avenue is a bold design statement and has been featured in the industry glossy Kitchens & Bathrooms Quarterly, which showcases the best and cutting-edge. Smoky greys and earthy tones throughout the property lend a luxury touch. An enormous rooftop deck takes in the twinkling city lights, and add to the luxe list a wine cellar, pool and spa. Expressions of interest close on March 27, with price expectations above $3 million. Jellis Craig's Anthony Lapadula is the man to see. EP