House That! Cottesloe home sets price record for 2025 after selling for $12m to deal maker Craig Burton

A new property price record has been set, with a $12 million home selling in Cottesloe. The oceanside property was sold by Katie O’Halloran to veteran deal maker Craig Burton and wife Katrina. The 733sqm block fronts a park, and with no other structure between house and ocean, it captures magnificent views while enjoying privacy from busy Marine Parade. The 80s-style four-bedroom house — which no doubt has a date with a wrecking ball — last sold in 2013 for $7.25m. Mr Burton, who was contacted for comment, is believed to have accumulated wealth in the high hundreds of millions of dollars from myriad plays over the past 20 years. He is a major backer of the Mader Group, which has made a motza, to put it bluntly. Only five years ago it was trading for 77¢ a share, but it closed on Thursday at $6.39. His most recent play was kickstarting a Cuban oilfield through Petro Australis Energy, of which he owns about a third. The $12m price tag is a record for 2025, and is the fourth most expensive house to sell and settle in the exclusive beachside suburb. The record of $15.5m was set on Deane Street last year. Cottesloe is regarded as the epicentre of the recent boom, as the first to outperform the wider market. But high interest rates have taken their toll, with prices dropping 10.7 per cent over the past year.