Sydney’s Fairwater estate could become Australia’s first $100 million residential sale

Elaine, next door to Fairwater, sold for $71 million early last year.

Point Piper estate Fairwater – reportedly the largest block of privately held prime harbourside land in Sydney – was listed for sale yesterday.

The 1.1 hectare property on New South Head Road (picture, top), about six kilometres east of the CBD, has been held in the Fairfax family since 1901.

The listing comes 12 months after the death Lady Mary Fairfax, aged 95.

If Fairwater sells for its reported price guide of $100 million, it would smash the national record price paid for a residential home – a title currently held for the property next door, Elaine (pictured, left), which traded for $71 million in April, 2017 to Atlassian co-founder Scott Farquhar.

Interestingly, Elaine was listed for sale in 2013 with a reported price guide of about $100 million.

Fairwater is on a more substantial sized block (Elaine is on 6986 square metres of land). However both properties are north facing and have frontage to Seven Shillings Beach.

Broker Ken Jacobs, of Christie’s International Real Estate, said Fairwater affords better views.

The offering “represents an extraordinary opportunity to acquire Australia’s most desirable residential land holding,” Mr Jacobs is reported as saying in The Australian.

“The property’s appeal reflects its unquestionable position as Australia’s most revered and significant home.

“No Australian home has so consistently been the backdrop for social, charity and business functions attended by a who’s who of Australia’s and the world’s most influential people”.

Fairwater, which was built from 1881, last sold for £5130 to Sir James Oswald Fairfax and was inherited by Sir Warwick Fairfax, who married Lady Mary in 1959.

The appointment to sell was made by the Trustees of the Estate of Lady Mary Fairfax – four executors: Lady Mary’s long-term advisor, Bruce Solomon, private secretary, Lee Thomas, a former lawyer James Momsen and former KPMG partner Peter Done.

The beneficiaries are Warwick Fairfax Junior, Charles Fairfax, Anna Cleary and Garth Symonds (the latter being Lady Mary’s son from a marriage previous to Sir Warwick).

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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