Is This Australia's Most Expensive Home?

A new Melbourne mansion rumoured to have cost up to $70 million could be Australia's most expensive home.

The Toorak residence, owned by property developer Harry Stamoulis, has been under construction for three years and is nearing completion.

The home is being built by renowned builders Krongold Constructions and according to Domain.com.au features five bedrooms, a ballroom, two kitchens, nine bathrooms and powder rooms and live in quarters. The facade has soaring colonnades and hand-carved sculptures and cornices decorate the home.

Landscape designer Paul Bangay is believed to be in charge of the extensive gardens.

Domain.com.au revealed that Mr Stamoulis bought the land at 39 St Georges Road Toorak for $24 million in 2010. The site was the location of the former Baillieu family home.