Recycled shopping bag tycoon’s $20m discount on harbourfront home

A businessman who’s made his fortune from recycled shopping bags has listed his harbourfront mansion at a $20m discount from six months ago.

12 Dumaresq Rd, Rose Bay has a price guide of $55m in an expressions of interest campaign.

A businessman who’s made his fortune from recycled shopping bags has listed his Rose Bay mansion at a $20m discount from six months ago.

Frank Qiang Geng, who was an economics professor in Asia before creating his sustainable materials business, and Juanjuan Zhao had $75m hopes when the modern waterfront trophy home with gun barrel views at 12 Dumaresq Rd was quietly listed back in June.

At the time, they’d just exchanged on the Point Piper mansion Rockleigh, the long-held waterfront home of medico specialist Philippa Harvey-Sutton, for close to $85m.

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The price was $75m in June when it was quietly listed.

A great spot for Christmas lunch.

This week, the property has appeared on realestate.com.au and it’s understood Michael Pallier of Sotheby’s and Brad Pillinger of Pillinger have a $55m price guide in the expressions of interest campaign.

Rockleigh, the pale pink home on a 1284sqm block at Wolseley Rd, which cost the Harvey-Suttons just $325,000 in 1978, is the second-most expensive house sale this year and is yet to settle.

And while Geng isn’t short of a quid, he’s no doubt keen to offload his current digs in Dumaresq Rd fairly promptly, especially since Rockleigh is likely to be knocked down and rebuilt.

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Wake up to this outlook.

Soak up the view.

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Acclaimed architect Bruce Stafford designed the six-bedroom, six-bathroom Dumaresq Rd four-storey residence, which has direct access to Dumaresq Reserve and the waterfront.

Living areas open an infinity pool and views over the harbour, the city skyline to the Harbour Bridge and North Sydney.

There’s lift access to all floors, a fire pit, billiard room, six-seater home cinema, home sauna and a spa.

Geng bought it for $26.9m in 2014, with the previous owners Kevin Bermeister, who founded music downloader Kazaa, commissioning the Stafford home.

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Originally published as Recycled shopping bag tycoon’s $20m discount on harbourfront home