The property price record in Melbourne has been shattered, with a Malvern mansion selling for more than $50 million.

Stonington Mansion has modern apartments on its south and east sides, but it still sold at a record price of $52.5 million, easily eclipsing the previous mark of $40 million for 18 St Georges Road in Toorak.

The land transfer duty on the Glenferrie Road home is an eye-watering $6.5 million for the Asian-based buyer.

View photos This Malvern mansion has sold for $52.5 million, breaking Melbourne's property record. Source: 7 News More

View photos The property has sold to an Asian-based buyer. Source: 7 News More

It has a massive frontage of more than 150 metres between the Malvern Hotel and the Malvern Town Hall.

Stonington is named after Stonington in Connecticut, US, and it was once home to Victorian governors and host to King George, King Edward and Queen Elizabeth.

It then became a teacher's college and a Deakin University campus.

View photos The mansion has had a very public profile in its previous guises. Source: 7 News More

View photos The mansion has housed governors and hosted kings and queens. Source: 7 News More

Story continues