Sydney's hospitality powerbroker has splashed $36 million on a luxury apartment at Barangaroo, securing his place among the city's most exclusive residents. Bill Gravanis, the new co-owner of Luna Park Sydney, purchased a four-bedroom apartment at Crown Residences, one of the city's most coveted addresses.
The investment underlines a significant shift in Luna Park's ownership structure.In June 2024 Luna Park's lease that runs until 2044, was sold by Brookfield to Oscars Group, the hospitality company founded by Gravanis and his brother Mario in 1986.Oscars Group, which manages 43 properties including resorts, hotels and pubs across Australia's eastern seaboard, secured the iconic amusement park following what the company described as significant domestic and international competition.
The Crown Residences purchase places Gravanis in close proximity to Luna Park across Sydney Harbour. The 420-square-metre residence features four bedrooms, four bathrooms, and sweeping views extending from Darling Harbour to the Harbour Bridge, the North Shore and the Opera House.All Crown Residences are integrated into the Crown Sydney Hotel Resort below, and come with access to a 24-hour private concierge, housekeepers, valet parking and private residents' entrances and elevators, as well as a residents-only pool with serviced cabanas, a day spa, state-of-the-art gym and tennis court.
The apartment changes hands at a considerable markup. The previous owners, Tony and Mary Tartak, purchased the property off-plan in 2021 as two separate lots for a combined $40 million under Mary's name.Bingo Industries is an Australian waste management and recycling company founded by the Tartak family in 2005. Its origins were formed when Tony Tartak purchased a small skip bin company. By separating the floor into two half-floor apartments and selling them individually, the couple has achieved approximately $30 million in profit once the latest transaction settles.
The sale price was not publicly disclosed initially. However, a caveat lodged on the title confirmed Gravanis as the buyer, and local sources reported the $36 million figure. Estate agent Steven Chen, who listed the property through The Agency alongside Luke Hayes of Colliers, declined to comment when contacted about the transaction.
Crown Residences represents the apex of Sydney's residential property market.The centrally located Crown Residences at One Barangaroo development contains 76 apartments, 11 restaurants (including a branch of Nobu) and a somewhat controversial casino. The building's residents include corporate executives, wealthy entrepreneurs and established business families. The architecture, designed by award-winning London firm WilkinsonEyre, creates unique floor plates at each level; Gravanis's apartment showcases bespoke interiors by New York design firm Meyer Davis Studios.
From a fiscal perspective, the investment demonstrates confidence in both Sydney's ultra-luxury property market and Gravanis's personal wealth position. The purchase occurs just months after Oscars Group secured Luna Park, signalling the company's intentions to remain in the city long-term. Yet the transaction also raises questions about business priorities: substantial capital deployment in residential real estate might, some would argue, have been better deployed directly into operational improvements at Luna Park itself, particularly given the company's recent statements about upgrading the iconic amusement park to enhance its position as a tourism drawcard.
Pragmatically, both uses of capital serve legitimate purposes. Gravanis's investment in premium Sydney real estate reflects the confidence of a major hospitality operator in the city's ongoing appeal to global wealth. Improving Luna Park remains Oscars Group's stated priority. These are not mutually exclusive. What matters ultimately is execution: whether Oscars can deliver the promised upgrades to the heritage-listed park whilst maintaining the fiscal discipline that justifies $36 million property purchases in the first place.