Historic Sydney home will set new Australian price record

February 08, 2014 09:00AM

 A historic mansion in Sydney, Australia could smash the country’s price record, with the sale price expected to reach AUD $80-100 million, or roughly $72-90 million. The current Australian record for a  luxury residential sale is AUD $52 million, or approximately $46 million.

Owned by the Fairfax family, an Australian media dynasty, “Elaine” is on the market for the first time since 1891, with Christie’s International Real Estate.

Built in 1863, the property features seven bedrooms, seven bathrooms, a ballroom, stables and a grass tennis court. The home sits along a secluded harbor pool and beach at Point Piper. The property’s land is not listed on State Heritage Register or National Trust, and is zoned Residential 2B, which allows fpr the development of luxury apartments.

“This is a spectacular historic mansion and the most significant residential listing ever to come on the Australian market,” Clayton Andrews, senior vice president of Christie’s said in a statement. “The harbor-front setting, and the knowledge that the scope is there to create something even more outstanding in the future, is really very exciting.” –Christopher Cameron