This article is from the Australian Property Journal archive
NOVEMBER has turned into a big month for Australia’s prestige property market, with the Altona mansion in Sydney’s Point Piper selling for more than $60 million to the billionaire Huang family – significantly above the $35 million asking price.
The Point Piper property was sold by Chinese property developer and businessman Wang Zhijun, head of Qingdao Anteisin Group.
Wang put the Altona property in June this year after acquiring the waterfront mansion from publisher Deke Miskin three years ago for $52 million, which set a record price at the time.
Wang kept his identity concealed because a company Chaimovich Investments acquired the property, and that company was fronted by Ding Xiuzhen, a 75-year old relative who lived in Melbourne’s bayside suburb of Elwood.
Wang had carved up the property already and sold the block of land for more than $18 million. The remaining waterfront mansion was expected to fetch around $35 million.
Wang has turned his $52 million purchase just three years ago into more than $78 million.
The Huang family originates from China and are currently based on the other side of the harbour in Hunters Hill. It includes BRW rich listers Jiaer Huang and his father Huang Bingwen, who established the paper manufacturing company Shantou Dongfeng Printing.
Altona mansion was built on a 2,400sqm block in 1904 for MP and Supreme Court judge Augustus James and his wife Altona, and over time became renowned for decadent parties and celebrity visitors.
The sale came within touching distance of the national house price record, set last year at $70 million by Australian-Chinese property developer and investor Chau Chak Wing’s acquisition of James Packer and his ex-wife Erica Packer’s Vaucluse mansion La Mer.
It also comes just a few days after a Sydney family spent $26 million on a harbourside penthouse within the new Opera Residences development, setting a new record for penthouse transactions in Australia.
Their purchase of the penthouse for $26 million surpassed the previous record of $25 million that paid for a penthouse in Melbourne’s Australia 108 tower early last year. For good measure, the family also picked up two sub-penthouses at $15 million and $16 million respectively for the children.
Australian Property Journal
