Mortgage Choice co-founder Peter Higgins cuts Avalon property price by $10m

MORTGAGE Choice co-founder Peter Higgins has cut the price on his waterfront property by $10 million after three years on the market.

Avalon

SYDNEY'S largest freehold waterfront estate has been slashed by $10 million after three years on the market.

Mortgage Choice co-founder Peter Higgins and his wife Rebecca put Marara on the market with a price tag of $40 million in May 2010.

But new agents Bill Bridges and Ryan Watsford of Ballard Property are now calling for "offers over $30 million''.

The 12,685sqm property in Cabarita Rd, Avalon, has two residences, a 119m wide private beach, 60m deep water jetty, two boat houses and a fisherman's chalet.

It comes with a development approval to demolish the existing residences and divide the property into six separate land titles.

However, the agents said most inquiries had come from buyers seeking a property for a single prestige residence

"This is a unique property which will require a special buyer,'' Mr Watsford said.

Marara was originally built for Sir Herbert Schlink, a founder of the Royal Australasian College of Surgeons. It is on the market for only the second time in 80 years.

The stunning waterfront parcel is part of a multi-million dollar property portfolio being off-loaded by Mr Higgins, who owns several rural holdings in the Richmond area.

The couple's 47.75ha equestrian estate in Richmond is expected to fetch between $18 million and $20 million. It has seven cottages, two polo fields and 15 paddocks Although both the substantial properties have been sitting on the market for several years, the mortgage-made millionaire is in no hurry to sell.

"Marara at Avalon was a great place to bring up our children,'' Mr Higgins said.

"Our daughters are at university nowadays and we no longer need the property.

"Our farming interests are growing and gaining more and more of our attention all the time,'' Mr Higgins said.

Despite the polo-loving pair devoting several years to buying up land parcels around Richmond, Mr Higgins said the significant rural sale was just a business decision.

"It is simply my role as a developer being fulfilled,'' he said.

"I am one of the major land owners in Richmond and after I have sold off my property development I still will be.''

Mr Higgins said while the couple would retain one Richmond farm for an eventual tree change, they would soon be house hunting further east.

"We are considering buying in the eastern suburbs. We like Darling Point, our yacht is kept in Rushcutters Bay and all my family are into sailing,'' he said.