Fairfax mansion could hit New Australian price record above $100m

If it hits its rumoured $100 million plus price tag, the Point Piper mansion which was home to the prominent Fairxfax family for a century could be Australia's priciest home.

South Head Road

If the just-listed Fairfax family mansion, Elaine, gets close to its rumoured $100 million price tag it will almost double anything ever paid for an individual home in Australia.

Industry experts across Sydney are quoting a possible price tag of $100 million for the 6900sq m Point Piper estate which is made up of six titles and stretches from its 550 New South Head Rd street address to the secluded Seven Shillings Beach on the harbour's edge.

Although not heritage listed, the historic seven-bedroom residence built c1870 has a host of period features including a grand ballroom, stables, a tennis court and expansive harbourfront lawns.

The mansion has been in the Fairfax family since Geoffrey Fairfax bought it in 1911 for Pound2100 then it was the home of Sir Vincent and Lady Nancy Fairfax until it changed hands within the family again in 1936.

In 1989 the current owner, John B. Fairfax bought a large portion of the estate for $3 million from his father, Sir Vincent Fairfax.

Despite the large land parcel and whopping triple-digit price tag, Elaine is not as well-known as the neighbouring estate of Fairwater, home to Lady Mary Fairfax.

Google Earth images of the waterfront mansions of Fairwater and Elaine belonging to businessman John B Fairfax. It has been listed on the market with an expected $100 million price tag. Picture: Supplied

Earlier this year prestige agent Bill Malouf of LJ Hooker told News Ltd that a sale in the $100 million price bracket was just around the corner, but he hadn't expected the landmark Fairfax mansion to be the one.

"It's a great property, it's on 6.5ha, so it's on six titles. Whether that's worth up to that level ($100m) will be interesting," he said.

Mr Malouf said there could be a number of sales over the $100 million mark in Sydney in the coming years, especially in the affluent eastern suburbs.

This year there have been several high end sales of $30 million, or more, including the sale of Altona, another Point Piper mansion which sold for $52 million - the current Australian price record for an individual residential sale.

John B Fairfax mansion, Elaine, 550 New South Head Road, Point Piper. It has been listed on the market with an expected $100 million price tag. Picture: Supplied

Also in Point Piper, the neighbouring Villa Veneto could be a contender of the price record as it rumoured to have sold recently for $53-$54 million, however there is no official records of the sale.

Mr Malouf said pricing such a unique property can be difficult.

"That's a unique property without a doubt. There are very few properties that size in the eastern suburbs and that's part of its uniqueness," he said.

"Whether it's worth $100m - that I don't know and I don't think anyone knows that at this stage.

``The interest for the property could come from overseas, or it could come from interstate.

"There are a lot of Australians that could afford that house, depending on their needs. I know it's got residential rezoning, but it's also a magnificent estate in its format as it is," he said.

Listing agent for the Fairfax mansion, Ken Jacobs of Christie's International, has declined to put a price on the property.