By Caroline Biggs

Published on August 17, 2015

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Photography by Sotheby

Luhrmann and his wife Catherine Martin are selling the 29,000 square foot Sydney mansion to plan for a move to New York City.

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The 9 bedroom Italianate manor (nicknamed “Iona”) was originally built in the 1880’s and was once a residence to both the Lord Mayor and a private psychiatric hospital.

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The stylish couple first bought the estate—which features a gym, conservatory, and oversized heated pool—in 2006 and covered it with extravagant custom wallpaper and carpeting designed by Martin, herself. 

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Photography by Sotheby
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A white-themed master suite includes a separate lounge area and old-school fireplace, as well as a massive second-floor balcony.

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Photography by Sotheby
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In addition to offering its own library and “memorabilia room,” the abode served as the headquarters of the duo’s Bazmark Production company.

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The opulent space boasts grand ceilings, skylights, stained glass windows, and a private spa—making its $11.8 million price tag all the more reasonable.

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Photography by Sotheby