• Jon Ruwolt

Oh NO!! Australia’s first $100 million sale

Updated: Aug 12, 2019

Lady Mary Fairfax’s vast Point Piper estate poised as Australia’s first $100 million sale


Fairwater, Point Piper NSW

Point Piper estate Fairwater, held by the Fairfax family since 1901, is to be sold amid expectations it could be Australia’s first sale for $100 million or more.

The listing follows the death last September of Lady (Mary) Fairfax, aged 95, and dispels reports of more than 20 years ago that she planned to bequeath the estate to the people of NSW.

Fairwater, Point Piper NSW

Recent speculation that the estate was to be sold was confirmed by a one-line statement on Thursday morning by Ken Jacobs, of Christie’s International, who has been appointed by the trustees to sell the property.

The 1.12 hectare estate is 60 per cent larger than the Elaine estate next door, extending from New South Head Road to Seven Shillings Beach. It is arguably the finest historic residence in the country, and the largest private holding on Sydney Harbour.

The house on Seven Shillings Beach is one of the largest harbourside properties in Sydney, and it comes with century-old oaks and gun-barrel views.

Lady Fairfax was on the record, during her lifetime, as saying she wanted it to go to the state, but can the state afford to keep it?

Elaine and view to Sydney Harbour

“It is remarkable that an estate offering such rare and unrepeatable features still exists in Australia today; this opportunity will not come again,” Mr Jacobs said.

Trophy homes of this calibre are near extinct given decades of redevelopment and subdivision, leaving the Elaine estate next door as the only near comparable house sale. It was sold by the other branch of the Fairfax media dynasty last year for $71 million to tech billionaire Scott Farquhar.

Fairwater is of greater value than its older neighbour Elaine on a handful of key measures. As well as a larger land size, the main residence has greater architectural merit, there are another two houses and a swimming pool on title, and its position 100 metres north on the beach affords better views.

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