The value of residential real estate has skyrocketed in Australia in recent years. But the sale of a sprawling mansion promises to usher in a new normal in the land down under.
In 1891, media-mogul Geoffrey Evan Fairfax paid £2100 for a the Sydney-adjacent estate Elaine. More than 125-years later, the estate has sold for roughly $75 million (about $56 million), smashing the record for a single-family home sale in Australia. The previous record was set in 2015 with the $70 million sale of a nearby mansion.
Billionaire Scott Farquhar, 37, the co-founder of global tech giant Atlassian, purchased Australia’s most expensive listing last week.
“We’re thrilled with the purchase and honoured to take over the Elaine estate in its entirety from the Fairfax family,” Farquhar told Domain. “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.”