News, Culture & Society

Australia’s most expensive home: Estate sells for $100MILLION

The most expensive property in Australia has sold, with the estate once owned by Lady Mary Fairfax believed to have fetched $100million.

The waterfront Sydney estate has become the nation’s most expensive property bought in the country – smashing the previous record by almost $30 million.

The Point Piper estate, called Fairwater, has been in the Fairfax family since 1901 and is the largest block of privately held prime harbourside land left in Sydney.

A 1.2hectare property (pictured) in Sydney’s harbour is set to become the first Australian home to sell for more than $100million

 The most expensive propery in Australia has sold, with the estate once owned by Lady Mary Fairfax (pictured) believed to have fetched $100million

 The most expensive propery in Australia has sold, with the estate once owned by Lady Mary Fairfax (pictured) believed to have fetched $100million

The buyer of the multi-million dollar property remains a mystery but is speculated to be billionaire tech entrepreneur Mike Cannon-Brookes and his wife Annie. 

Christie’s International were appointed by the trustees to sell the property after the death of Lady Mary Fairfax aged 95 last September, Domain reported.   

Ken Jacobs of Christie’s International confirmed they would sell the 1.12 hectare property, dispelling rumours the significant site would be left to the people of NSW.

‘It is remarkable that an estate offering such rare and unrepeatable features still exists in Australia today; this opportunity will not come again,’ Mr Jacobs said, according to Domain.

The current Australian record for a single residential property is the neighbouring Elaine, which fetched $71 million when it was sold last year, but Fairwater is considered much more valuable.

‘When Fairwater’s sister property Elaine came to the market, it set a new benchmark, yet Fairwater is over 4100 square metres larger. They are truly the golden girls of Sydney Harbour,’ Mr Jacobs said.

The adjacent property, known as Elaine, was sold for $71 million last year to billionaire Scott Farquhar, who is a founder of software company Atlassian, and is about 60 per cent smaller in size.

Both properties front New South Head Rd and back onto Sydney Harbour, however, Fairwater has better views from its more northern position.

The property last sold for £5350 in early 1901 when Sir James Oswald Fairfax bought the two-storey house.

It has been in the Fairfax family ever since, with Sir Warwick Fairfax inheriting the property.

The New South Wales government stands to make about $6.9 million in stamp duty from a $100 million deal.

The home has been in the Fairfax family for more than a century, up until Lady Mary Fairfax (pictured) died at the age of 95 last September

The home has been in the Fairfax family for more than a century, up until Lady Mary Fairfax (pictured) died at the age of 95 last September

The two-story house is found in the affluent waterside suburb of Point Piper (pictured)

The two-story house is found in the affluent waterside suburb of Point Piper (pictured)

Read more at DailyMail.co.uk