Billionaire’s buy beats Australian record by his partner next door
A HIPSTER billionaire has paid $100 million for Sydney’s biggest harbour estate smashing the record for Australia’s most expensive home — set last year when his business partner bought the property next door. SEE INSIDE.
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A HIPSTER billionaire has paid $100 million for Sydney’s biggest harbour estate smashing the record for Australia’s most expensive home — set last year when his business partner bought the property next door.
Atlassian tech company founder Mike Cannon-Brookes and his wife Annie are believed to have forked out cash for the harbourfront jewel Fairwater at Double Bay sold by trustees of the estate of Lady (Mary) Fairfax.
Last year Mr Cannon-Brooks’ Atlassian business partner Scott Farquhar paid $71 million without any mortgage for another, smaller Fairfax home Elaine next door.
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The latest deal ends more than a century of Fairfax family ownership on Seven Shillings Beach and marks the passing of the baton in Sydney’s dress circle from old money to the new rich.
It also highlights the enduring popularity of premium harbour front property when the broader market is enduring a slow decline in prices.
It took just three weeks for the 1.12ha estate to sell, although there had been expectations of its listing since the death of Lady Fairfax last September.
“We are delighted with the purchase of Fairwater for our young family and look forward to continuing the legacy of this beautiful Sydney home,” Mr Cannon-Brookes said.
“We love the idea of raising our four young children in this historic property, filling the house and gardens with love and laughter through the years.”
The price has not been officially revealed since its sale on Wednesday night which coincided with a visit to Sydney from the US by Mr Cannon-Brookes, who spends much of his time in San Francisco near Atlassian’s US headquarters. The Atlassian co-founders are worth more than $6 billion after founding their company, which makes software IT developers, in Sydney in 2002 using $10,000 in credit card debt.
Mr Cannon-Brookes recently sold Braelin, the family’s Centennial Park trophy, for $16.5 million, and has looked at several trophy homes to purchase.
Last year the family even stayed at Barford in Bellevue Hill to test whether they liked the hillside location. The Cannon-Brookes had already spent a combined $16 million on two non-waterfront Double Bay houses. The acquisitive couple have spent more than $45 million on homes in the past six years, including a second Southern Highlands weekender.
Selling agent Ken Jacobs of Christie’s International said: “Elaine and Fairwater are the golden girls of Sydney Harbour.” Elaine is a 6900sqm land holding, with Fairwater ranked as the largest privately owned harbour side landholding, spanning 11,210sqm. Mr Jacobs said Fairwater’s size was impossible to replicate.
“You’d have to buy 11 standard Point Piper sites to get to this size, so it’s really just a one-off,” he said.
He suggested Fairwater and Elaine complemented each other.
“They add value to each other because you’ve basically got Australia’s two best properties together,” he said. “And they’re both about to be revived to their former glory.” The property had been in the Fairfax family since 1901 when Sir James Oswald Fairfax paid £5350 for it. Lacking Opera House views the property was always likely to sell to locals rather than Chinese buyers who seek the postcard aspect. The state government will secure at least $6.94 million stamp duty and $14.9 million if the Cannon-Brookes are considered subject to foreign buyer duty.
