Elaine Estate, on Sydney’s waterfront, has sold for $75 million to Atlassian co-founder Scott Farquhar.
But despite affording the high price tag, Farquhar will have to spend a bit more money on the property before he is able to live in it.
According to The Australian, the seven bedroom, 7000sq m Point Piper home needs a $4 million renovation to make it liveable, as it has not been lived in for nearly 20 years.
Farquhar, who bought the home last Friday, revealed that the reason he bought the Elaine Estate was to ‘save it from developers’ and “Could totally be top of the market. My expertise is software not property trends! But couldn’t let it be chopped up by developers”.
And now he owns the three story, seven bedroom, five bathroom home that has stables, a harbourfront view, a tennis court, sandstone walls and paths, and direct access to Seven Shillings Beach- massive step up from his previous two bedroom home in Pyrmont, which he bought in 2006 for $1.4 million.
Before Farquhar purchased his new home, it had been owned by the Fairfax family since 1891.