Lachlan Murdoch, the son of billionaire media mogul Rupert Murdoch, has purchased a small home on Sydney Harbor for around $29.8 million.
The Piper Point property’s value is largely because it has 131 feet of frontage on unusually deep water, according to the Los Angeles Times. That means it can accommodate large yachts.
The property has two docks and four moorings for that purpose, making it one of the area’s largest privately owned marina facilities attached to a home, according to Forbes Global Properties.
For that, it appears Murdoch paid the full asking price for the roughly half-acre property.
The house is an entirely renovated two-story boat shed with a living area on the top floor and a luxury take on a workshop below, possibly for working on boats.
The living area has two bedrooms and a modest common space under vaulted ceilings. The lower level leads to a small lawn and swimming pool.
Its Murdoch’s biggest real estate deal since he bought L.A.’s Chartwell Estate for $150 million in late 2019. Earlier that year, his father sold 21st Century Fox Inc. to Walt Disney Co. for $12 million, which was distributed to the younger Murdoch and his siblings.
Lachlan Murdoch has been working at the upper echelons of his father’s companies since 2014 following a roughly 10-year hiatus. He is widely seen as his father’s successor to run those companies and was named Chairman and CEO of the Fox Corporation shortly after the Disney deal.