The iconic Spanish Mission mansion Boomerang, which famously featured in the Tom Cruise-led blockbuster Mission Impossible 2, has reportedly sold for $80 million.

According to realestate.com.au, the sale marks a significant milestone in the history of the Elizabeth Bay property, which has long been celebrated for its architectural beauty and storied past.

Before its spotlight moment in the 1999 American action film, Boomerang had already established itself as a landmark in Sydney’s real estate history.

It became the first house in the area to sell for over $1 million back in 1978, later breaking its own record in 2002 with a sale price of $20.7 million.

The latest sale quadruples its previous value, showcasing the mansion’s enduring appeal and premium status among Sydney’s top residences.

Owned by Katrina Fox, daughter of the Melbourne-based billionaire Lindsay Fox, since 2005, Boomerang has seen a significant appreciation in value, last trading hands for $20 million – surprisingly less than its price three years prior under the ownership of the late John Schaeffer, a cleaning contractor and art collector.

Nestled on a 4233sq m waterfront plot, Boomerang offers 25 rooms, including a private cinema reminiscent of the State Theatre, underscoring the mansion’s luxury and unique charm.

The property’s rich history is further highlighted by its initial construction in 1926 for music publisher Frank Albert at a cost of £60,000, making it one of Sydney’s most prestigious homes and a sought-after piece of real estate among the city’s elite, including former Prime Minister Malcolm Turnbull.

With such a limited number of houses in Elizabeth Bay, the area does not have a median house price listed by PropTrack, though the median apartment price over the past year stood at $985,000, indicating the premium nature of Boomerang’s sale in the current market.