Jun 26, 2026 – 4.00pmThe billionaire Gandel family have added another Point Leo acreage to their Mornington Peninsula portfolio, splashing $16.75 million on a beachfront home next door to their legacy project, the Pt. Leo Estate Sculpture Park.The property was purchased by a corporate entity linked to Pauline Gandel, the art-collecting philanthropist wife of 91-year-old Financial Review Rich Lister John Gandel. Records show the 20.48-hectare estate was sold by Pedders Suspension and Brakes chairman Ron Pedder and his wife Lynette. Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles