PHOTO: Leon Kemenev bought four houses in Coolong Road, two on the waterfront, to create his own private estate. Photo: James Brickwood
Sometimes at the top end of town one house is simply not enough. That’s certainly the case for Sydney’s corporate elite who have become known for swallowing up their neighbours to create mega-compounds.
The practice is becoming increasingly common as Sydney’s multimillionaire population continues to grow – up 30 per cent in the 12 months to July, according to Credit Suisse’s Global Wealth Report. For the city’s ultra-rich, the cost of these mega-lots is less important than the desire for privacy.
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