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Stake.com co-founder Ed Craven bought two neighboring apartments in Toorak’s Caringal Flats in January and March 2025 for a combined AU$1.63 million, property records show, expanding the landholding around his AU$80 million “ghost house” estate.
The latest acquisitions have sparked fresh speculation about how the crypto billionaire intends to develop one of Australia’s most ambitious private residential projects.
The purchases, first reported by The Australian Financial Review, involve two apartments in the heritage-listed Caringal Flats building on Tahara Road, directly adjoining Craven’s expansive St Georges Road estate.
While the crypto billionaire has not publicly disclosed plans for the newly acquired properties, industry experts say wealthy homeowners often buy neighboring residences to increase privacy and secure additional space around landmark homes.
The crypto billionaire purchased a one-bedroom apartment in January for AU$780,000 before returning two months later to acquire a neighboring two-bedroom unit for AU$850,000, according to property records.
Both apartments border Craven’s 7,187-square-metre estate, formerly known as the “ghost house” property, which he acquired in an off-market deal in 2022 for more than AU$80 million. That purchase set a new benchmark for Melbourne’s residential property market and laid the foundation for an ultra-luxury redevelopment.
The purchases neighbour Craven’s former ‘ghost house’ redevelopment. Photo: Google Maps
Although the purpose of the recent acquisitions has not been confirmed, property professionals believe such purchases are common among ultra-high-net-worth individuals seeking greater privacy.
“Some owners try to protect their privacy and boundary by purchasing a [neighbouring property] if they have the means to do so.” — Matthew Cleverdon, Buyers’ Agent, Morrell and Koren.
The strategy has become increasingly common among wealthy property owners looking to create buffer zones around their estates while limiting future development immediately adjacent to their homes.
The crypto billionaire is transforming the once-abandoned St Georges Road property into what is expected to become one of Australia’s most valuable private residences.
Designed by architect Paul Conrad, the mansion has previously been estimated to carry a completed value of approximately AU$150 million.
According to previously lodged development plans, the estate will feature an extensive underground level including a gymnasium, basketball court, games room, lounge, staff accommodation and large parking facilities.
Conrad has previously explained that the project draws inspiration from some of the world’s most prestigious residential properties rather than existing Melbourne homes.
“The benchmark for the house we want to build probably isn’t another Melbourne house; it’s more like a house in the Hamptons or in the UK or LA in terms of the level of quality and standard and aspirations.” — Paul Conrad, Architect.
The scale of the development reflects the growing trend among Australia’s wealthiest residents to build expansive, internationally inspired luxury estates equipped with premium recreational and lifestyle amenities.
The crypto billionaire rose to prominence after co-founding cryptocurrency gambling platform Stake.com alongside Bijan Tehrani in 2017.
Since then, Craven has significantly expanded his business interests through Easygo Gaming, the parent company behind Stake.com, as well as streaming platform Kick.com.
His rapid business growth has translated into substantial personal wealth. After debuting on the Australian Financial Review Young Rich List in 2022, Craven was ranked No. 32 on this year’s Rich List with an estimated fortune of AU$5 billion.
The latest property purchases further demonstrate how successful entrepreneurs in the cryptocurrency sector continue investing heavily in luxury real estate despite fluctuations across digital asset markets. For the crypto billionaire, the acquisitions also reinforce Toorak’s reputation as Australia’s premier destination for ultra-high-net-worth homeowners.
While the future use of the neighboring apartments remains undisclosed, their location immediately beside the planned mansion suggests they could play a strategic role in preserving privacy or supporting future expansion. Until formal development plans emerge, the purchases are likely to remain the subject of speculation among Melbourne’s luxury property market observers.
Primary source: Domain (report citing The Australian Financial Review)
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