Chemist Warehouse co-founder Jack Gance and his wife Evelynne have bought a Toorak estate for more than $80 million.

The Rich Listers are tipped to knock down the existing homes on the block and rebuild their dream home on the site.

The offering across two titles was listed for sale with a price guide of $80 million to $88 million. A source with knowledge of the deal, but not authorised to comment publicly, said they thought the result was within the range. Another source also not authorised to comment said the Gances were the buyers.

Public records show the owners of the properties are Weian Zhang, known as Andy, and Miaomiao Zhang, who are directors of property development company V-Leader.

Selling agents handling the listing are Ross Savas, Kay & Burton’s managing director, Jamie Mi

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