{"id":41307,"date":"2022-12-25T10:44:22","date_gmt":"2022-12-24T21:44:22","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=41307"},"modified":"2022-12-25T10:44:22","modified_gmt":"2022-12-24T21:44:22","slug":"billionaire-drops-130m-on-point-piper-castle","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/billionaire-drops-130m-on-point-piper-castle\/","title":{"rendered":"Billionaire drops $130M on Point Piper \u2018castle\u2019"},"content":{"rendered":"

PHOTO: Point Piper, Sydney Australia<\/strong><\/p>\n

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A four-bedroom house in Point Piper<\/a> has sold for $130 million to a couple currently renting in Bellevue Hill.<\/p>\n

The fact that the buyer is tech billionaire Scott Farquhar and his wife, investment banker Kim Jackson, makes more sense of the deal, as does the fact the house is historically known as the Scottish baronial mansion, Uig Lodge.<\/p>\n

\"Point<\/a><\/div>\n
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Millennials plan \u2018most expensive house in Australia\u2019 on $99.5 million Point Piper site<\/a><\/h2>\n<\/header>\n<\/div>\n

The sale has smashed all house price records across the country.<\/p>\n

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\"The<\/picture><\/div>
The Scottish baronial mansion has reset Australia\u2019s house price record at $130 million.<\/span>CREDIT:<\/span>PETER RAE<\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

The landmark residence was sold privately by rag traders Steven and Carol Moss, ending their more than a quarter of a century ownership since they purchased it in late 1996 for what was then a non-waterfront record of $9.2 million.<\/p>\n<\/div>\n

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Farquhar, the co-chief executive and co-founder of the Nasdaq-listed software giant Atlassian, already owns one of Australia\u2019s most expensive houses,\u00a0Elaine, also in Point Piper, purchased five years ago for $71 million.<\/p>\n

In 2020, Farquhar had lodged plans for a\u00a0major rebuild\u00a0of the rundown Elaine mansion, but withdrew the DA soon after and has instead been renting the Bellevue Hill estate Barford.<\/p>\n

Farquhar, 43, was until recently understood to be in negotiations to buy Barford from businessman Ian Joye, but that deal fell over amid $130 million expectations, and Farquhar and Jackson instead turned their spending power to Point Piper.<\/p>\n

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\"Scott<\/picture><\/div>
Scott Farquhar and Kim Jackson, of Skip Capital, now own more than $200 million worth of record-setting real estate in Point Piper.<\/span>CREDIT:<\/span><\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

\u201cWe\u2019re excited to have found a family home ready to move into,\u201d said a spokeswoman for the couple on Friday. It is expected to settle to the couple in the first half of next year.<\/p>\n

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What next for Point Piper\u2019s \u2018Bang & Olufsen\u2019 house?<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n
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Uig Lodge is on a much smaller 3300-square-metre parcel compared with Elaine\u2019s almost 7000 square metres, but commands arguably the best views of Sydney Harbour thanks to its position on the highest point of Point Piper.<\/p>\n

It tops the previous national house price record of\u00a0$100 million set in 2018\u00a0by Farquhar\u2019s Atlassian co-founder Mike Cannon-Brookes for another Fairfax family property in Point Piper, the 1.1 hectare estate Fairwater.<\/p>\n

\"The<\/a><\/div>\n
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Rags-to-riches story ends in $30 million house sale in Point Piper<\/a><\/h2>\n<\/header>\n<\/div>\n

The most expensive residential deal is a $140 million apartment atop Lendlease\u2019s Residences One tower at Barangaroo, but that is a consolidation of two apartments, the penthouse and sub-penthouse.<\/p>\n

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\"Uig<\/picture><\/div>
Uig Lodge made headlines in 1995 when it passed in at auction for $10.13 million. It sold a year later for $9.2 million.<\/span>CREDIT:<\/span>FAIRFAX MEDIA<\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

Point Piper now claims the three most expensive house sales in the country, including the $95 million sale of Edgewater to\u00a0gold mining businessman John Li, who exchanged on it in 2020, but is not due to settle on it until next year. Edgewater was partly owned by the Moss family, of the Katies fashion retail chain.<\/p>\n<\/div>\n

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The sale of Uig Lodge, just days before Christmas, takes this year\u2019s trophy home tally to almost $1 billion worth of high-end residential sales in the\u00a0top 20 sales alone.<\/p>\n

\"Sydney<\/a><\/div>\n
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Point Piper waterfront \u2018Akuna\u2019 with rare \u2018pagoda\u2019 boathouse sells for a MASSIVE sum<\/a><\/h2>\n<\/header>\n<\/div>\n

The purchase will incur a stamp duty of more than $9 million.<\/p>\n

Uig Lodge has long been regarded as among Sydney\u2019s best residences since it was built in the style of a Scottish baronial castle at the turn of last century by Lachlan Beaton, inaugural commissioner on the 1901 Sydney Harbour Trust and founding member of the Royal Sydney Golf Club.<\/p>\n

In 1916, it sold for \u00a35650 to medico Alexander Rutherford and his wife Marcia, of the Cobb & Co coach family, and from 1961 to 1976 it was owned by newspaper baron Ezra Norton, owner of the now defunct\u00a0Truth<\/em>\u00a0and\u00a0The Daily Mirror<\/em> newspapers.<\/p>\n<\/div>\n

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Norton sold it in 1976 for $500,000 to the late Consul-General of Estonia and steel pipe manufacturing tycoon Aldur Kaljo, whose lavish parties became the stuff of legend until he died suddenly in 1994.<\/p>\n

The Mosses commissioned a renovation of the heritage-listed residence by architects Stephen Gergely and New York-based Alan Wanzeburg that took three years to complete and included the gatekeepers\u2019 cottage.<\/p>\n

Farquhar was ranked Australia\u2019s fourth-richest person when the\u00a0AFR Rich List 200<\/em>\u00a0was published in May, then given an estimated worth of $26 billion, but has since\u00a0dropped to number 12\u00a0and a worth of $5.16 billion on the back of a 60 per cent fall in Atlassian\u2019s share price this year.<\/p>\n

In July, Farquhar and Jackson bought an Avoca Beach holiday home for $10.85 million.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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