A Fairfax family estate covering 11,000 square metres of beachfront in one of Sydney’s richest neighbourhoods is expected to become Australia’s first $100-million home.
The historic Point Piper mansion, known as Fairwater, was home to Lady Mary Fairfax, who died in September last year at the age of 95.
It will now be sold, it was announced on Thursday.
Fairwater, at 560 New South Head Road, was built in about 1880. The vast property offers direct access to Seven Shillings Beach, in a neighbourhood populated by tech billionaires, former prime ministers and old-money elite.
Billionaire Atlassian co-founder Scott Farquhar is a neighbour, as are former prime minister Malcolm Turnbull and his wife Lucy.
There had long been speculation that the property would be left to the people of NSW. But the Fairfax family has instead listed it with Christie’s International Real Estate.
The sale will be handled by Ken Jacobs, who oversaw the sale of neighbouring property Elaine last year. It was another Fairfax property, having been in the family for more than 120 years.
Elaine was purchased by tech-mogul Mr Farquhar for a record-breaking price of more than $70 milllion.
Despite the eye-watering price tag, Elaine had been vacant for many years and was said to require multimillion-dollar renovations.
Mr Farquhar said at the time that he purchased the historic home to save it from subdivision by developers.
Could totally be top of the market. My expertise is software not property trends!But couldn't let it be chopped up by developers.
— Scott Farquhar (@scottfarkas) April 29, 2017
At 6986 square metres, Elaine is dwarfed by the sprawling Fairwater, which is expected to sell for $100 million or more.