Australia’s richest home in ‘unwanted’ $200m carve-up

A mystery syndicate headed up by a ‘nobody known as Joe’ is set to take an ‘unwanted’ wrecking ball to one of Australia’s most famous and most expensive houses.

A mystery syndicate headed up by a ‘nobody known as Joe is set to take an ‘unwanted’ wrecking ball to one of Australia’s most famous and most expensive houses.d

The $130m Elaine estate at Double Bay in Sydney’s Eastern Suburbs might be ranked by some as the priciest home sale of the year, but it is set to be carved up by its mystery buyer.

It was sold by billionaire Atlassian co-founder Scott Farquhar and his wife, investment banker Kim Jackson, with approval for four houses.

The New South Head Rd building blocks have been priced between $30m and $65m, with the cumulative target of $200m-plus.

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Inside Elaine. Picture: realestate.com.au

The former Fairfax estate is set to be carved up. Picture: Supplied

Not much has emerged so far about the yet-to-settle purchaser – apparently a syndicate headed by a “nobody known as Joe”.

It was its former owner, John B. Fairfax – who pocketed $71m in 2017, ending 125 years of family ownership – who secured the four-house subdivision approvals.

But Fairfax then sold to the Farquhar family at a discount – given his desire for Elaine to be retained as a family home rather than let it fall into the hands of developers.

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A scale model of the $37m three-storey development which fell through.

How the land will be carved up. Picture: Realestate.com.au

The Farquhar family never got to build their dream seven-bedroom family home, after proposing a $37m three-storey home with a translucent curved facade.

Their short-lived controversial Lazzarini Pickering Architetti plans involved a rooftop tennis court, which prompted immediate concerns from the neighbours.

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Scott Farquhar.

The Farquhar family now resides at Uig Lodge in nearby hillside Point Piper, which was purchased for $130m in 2022.

Farquhar paid cash for both purchases.

Meanwhile, the once-proud Elaine residence has been reduced to a gutted shell during the past seven years.

The Farquhar family has moved a few streets away to Uig Lodge at the top of Point Piper. Photo- Supplied

The Rockleigh, Point Piper trophy home, where there was a recent tree dispute in the NSW Land and Environment Court, likely ranks as the nation’s top house sale for 2024 at a yet to settle $85m.

Dr Philippa Harvey-Sutton sold her inherited 1284sq m Wolseley Rd harbourfront to Frank Qiang Geng, the recycled shopping bags tycoon, and his wife Juanjuan Zhao, who are reputedly set to rebuild.

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Originally published as Australia’s richest home in ‘unwanted’ $200m carve-up