The Fairfax family is putting its heritage-listed, harbourfront Point Piper mansion ‘Elaine’ up for sale in what is expected to be the biggest ever residential real estate listing in Australia.
The Australian reports that the 6900-square-metre property covers six titles and is nearly three times the size of nearby Altona, which sold for a record $53 million in May.
Elaine was built in 1863 and bought by Geoffrey Fairfax in 1891. It is located on 550 New South Head Road, right next to Lady Fairfax’s property, ‘Fairwater,’ in Sydney Harbour.
Real estate agent Ken Jacobs said his firm was working with Christie’s International Real Estate on a global marketing strategy that will launch in months.
“This will be the largest and most significant sale in Australia; there are no comparable sales to work from,” he told Business Insider.
“We are about to embark on a global campaign. [Elaine] will certainly have significant global appeal, as well as local appeal.”
The Australian reported in 2009 that John Fairfax mortgaged Elaine in the wake of the global financial crisis. The property was estimated to be worth between $30 million and $40 million at the time.
Elaine is currently tenanted.