The three-storey, four-bedroom home on 407 square metres of Rawson Rd, with a swimming pool and iconic harbour views, was bought by Liftronic executive director Vladimir Debelak and his wife Rachel in 1992 for $1.86 million. That means he has made a profit of about $392,000 for every year he has owned it.

Records show the home has been for sale for the past several years, selling at auction last year for $9.5 million, when it was with a different agent.

Last year, when it was bought by Ray White Double Bay's Josh McRae and Graham Bernan, word was that an off-market offer of $16.5 million was rejected. McCrae was tight-lipped about the offer rumors and details of the final deal, saying only that three parties were interested before the sale.

The buyer's agent, Sean Huang, who just set up Concierge East to focus on international clients, said the buyer had been living in the CBD and wanted to move to the east, near good private schools.

His buyer intends to renovate and move in.

The buyer also liked the multiple entertainment areas and the open living areas.

Sources say the 87-year-old owner and his wife will move to a penthouse in Vaucluse.

A media report a few years ago about Australian-made products quoted Milan Debelak, son of Vladimir and Rachel, who co-founded Liftronic with Kevin Addison in 1985: "Having the Australian-owned and -made logo next to our name and products is something we are very proud of".

Liftronic's story began in Egypt, where Milan's great-uncle and grandfather started a modest elevator business that his father took over as a young man.

The family came to Australia in the early 1960s with just a few Egyptian pounds.

Today, Liftronic's work includes elevators and escalators on Brisbane's railway platforms; car and truck elevators in Melbourne and glass elevators at Circular Quay, Harbour Bridge and Wynyard Walks, says the Australian's own supplement.