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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. 

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.

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. 

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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

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