This article is from the Australian Property Journal archive
TECH billionaire and Atlassian’s 37-year old co-founder Scott Farquhar has paid more than $70 million for Elaine, the 154-year old Point Piper waterfront estate owned by the Fairfax family – setting a new record in Australia.
Farquhar who founded tech giant Atlassian with Mike Cannon-Brookes in 2002 using $10,000 in credit card debt, has set a new record as the most expensive property sold in Australia.
It is believed he has paid approximately $75 million for the waterfront estate – eclipsing the previous $70 million record set in 2015 when James Packer sold his Vaucluse mansion La Mer to Chinese businessman Chau Chak Wing.
Although last year Leon Kamenev, the co-founder of takeaway delivery website Menulog, bought four adjoining properties in Vaucluse from different owners for $80 million, which set the record as the most expensive property amalgamation sale.
Farquhar said in statement that, he and his wife Kim Jackson were “thrilled with the purchase and honoured to take over the Elaine estate in its entirety from the Fairfax family.”
“It would have been a great loss to see this rare property sold to developers and carved up. When we heard of the plans, we just couldn’t let this beautiful piece of Australian history be turned into a development site.
“There is a certain nostalgia in knowing that multiple generations of an iconic Australian family have grown up on these lawns and we very much look forward to raising our family here,” Farquhar said.
The 550 New South Head Rd Double Bay property sits on approximately 7,000 sqm of land, and includes a seven-bedroom mansion with ballroom, stables, and tennis court.
Elaine has been on the market for more than three years and initially had a price tag of $100 million. It is the former home of John B Fairfax, the fourth generation of media and publishing family Fairfax. It was purchased by Geoffrey Fairfax in 1911 for £2,100. However the family have not lived at Elaine in more than 20 years.
Christie’s International’s Ken Jacobs handled the site.
Australian Property Journal
