Point Piper Archives - Bellevue Hill News

Buyer of Record-Breaking $130M Elaine Property in Point Piper Revealed as Investment Consortium

Photo Credit: Million Dollar Listing Sydney

The $130 million sale of the Elaine estate in Point Piper has been confirmed to be a consortium led by Acce Investments CEO Patrick Shi, following months of speculation surrounding the record-breaking deal.

Elaine, located at 550 New South Head Road, Point Piper, was purchased in 2017 by tech billionaire Scott Farquhar for $71 million from JB Fairfax.

Point Piper Elaine estate — *Photo Credit: Million Dollar Listing Sydney*

At the time, it set a national house price record. The heritage-listed mansion, sitting on a 6,986 sqm waterfront block, has drawn significant public interest due to its potential for redevelopment. In 2022, Mr Farquhar set another record with the purchase of UIG Lodge in Point Piper for $130 million.

Buyer Revealed

Recent reports confirm that the buyer of Elaine is a consortium that includes Mr Shi, CEO of Acce Investments Group. Initially seeking to purchase the property for $100 million, Mr Shi joined forces with investors to secure the deal. The consortium’s identity has remained undisclosed since the purchase in October 2024.

Property Features and Potential Plans

Elaine occupies a prime waterfront location with direct access to Seven Shillings Beach, surrounded by towering Norfolk Island pines.

Sources suggest the new owner may consider subdividing the property into smaller lots, with two blocks facing New South Head Road potentially valued at $40 million each.

If the land is divided into four parcels, the total value could exceed $200 million. However, it remains uncertain whether the historic mansion will be retained or demolished.

Point Piper Elaine estate aerial view — *Photo Credit: Million Dollar Listing Sydney*

Market Comparisons

Point Piper continues to attract high-value property transactions. In 2018, the neighbouring Fairwater estate was sold to Atlassian co-founder Mike Cannon-Brookes for $100 million.

Additionally, a 2019 off-the-plan penthouse at One Sydney Harbour remains Australia’s most expensive residential sale, fetching $140 million.

Community Sentiment

Local residents have expressed varied opinions about potential redevelopment, with some raising concerns over preserving the suburb’s heritage character.

Mr Farquhar’s previously proposed $37 million renovation plans for Elaine were met with opposition from neighbours and ultimately abandoned.

Future Implications

The consortium’s future plans for Elaine will play a significant role in shaping the evolving luxury real estate market in Point Piper.

Whether the property is subdivided or preserved as a single residence, its development is expected to influence market trends and property values in the area.

Published 23-Jan-2025

Point Piper Mansion of an Entrepreneur Listed for $100 Million

Photo Credit: Black Diamondz

A waterfront mansion in Point Piper, one of Sydney’s most exclusive suburbs, has been listed for sale at an eye-watering $100 million. The property, owned by entrepreneur Alexandra Jakob, is set to become one of the most expensive residential sales in Australian history if the asking price is met.

The distinctively curved house, featuring five bedrooms and six bathrooms, was purchased by Jakob in 2019 for $40 million. In just five years, the property’s value has potentially more than doubled, reflecting the significant shifts in Sydney’s high-end real estate market since the pandemic.

This listing is notable not only for its price tag but also for its public sales campaign, a rarity in Point Piper where most trophy homes change hands through discreet, off-market transactions. Monika Tu and Jad Khattar of BlackDiamondz Concierge are managing the sale, which officially began on Wednesday.

The property boasts luxurious amenities including a harbour side swimming pool and a private slipway. Jakob has undertaken renovations during her ownership and secured approval for an upper level extension designed by renowned architect Bruce Stafford.

This sale represents a significant moment for Point Piper’s property market. It follows the national house price record set in 2022 when Atlassian co-founder Scott Farquhar purchased Uig Lodge for $130 million, also in Point Piper.

Jakob’s decision to sell comes after a series of successful business ventures, including the sale of her Little Learning childcare chain and haircare brand BondiBoost to private equity firms. Sources suggest she plans to downsize her Sydney residence and increase her international travel.

The listing of Jakob’s property adds to the growing list of ultra-luxury homes on the market in Point Piper. Nearby, “Aussie” John Symond’s waterfront estate, Wingadal, is currently listed with a guide price exceeding $200 million.

Published 25-September-2024

Mamamia Founder to Demolish $12M Point Piper Home

Mia Freedman, founder of the Mamamia women’s network, and her husband Jason Lavigne are set to demolish their $12 million Point Piper home. The couple has recently submitted plans for a new dwelling on the site, designed by Roth Architecture Workshop.

The existing property, a non-waterfront house built in 1910, was purchased by Freedman and Lavigne in 2020 for $12.75 million. Located on Wunulla Road near the Royal Motor Yacht Club, the 743-square-meter property currently features five bedrooms and four bathrooms.

According to the lodged plans, the estimated building cost for the new residence is $3.9 million. This development marks a new chapter for the entrepreneurial couple in the prestigious Sydney suburb.

The move to Point Piper came after a legal dispute concerning their previous residence, the Fintry estate in Bellevue Hill. Freedman and Lavigne had occupied the 1930s hillside house under a put-and-call purchasing option. However, attempts to purchase the property in 2019 were thwarted when the landlord withdrew the contract following a disagreement over a $251,000 roof repair bill.

The fallout from the Bellevue Hill dispute continues, with ongoing legal proceedings in the Supreme Court. The couple is currently pursuing action against their former solicitor, with the next court mention scheduled for mid-July.

This property development in Point Piper represents a fresh start for Freedman and Lavigne, as they look to create a bespoke home in one of Sydney’s most coveted neighbourhoods.

Published 27-June-2024