Lady Fairfax’s $100m-plus Sydney mansion Fairwater to hit the market in spring
The late Lady Mary Fairfax’s $100m-plus Sydney Harbour trophy home Fairwater will hit the market this spring.
The late Lady Mary Fairfax’s $100 million-plus Sydney Harbour trophy home Fairwater will hit the market as the country’s prestige mansion market comes to life this spring.
The move to sell the home, via Ken Jacobs of Christie’s International Real estate, comes as more mansions hit the market with Point Piper leading the charge.
The appointment to sell Fairwater was made by the Trustees of the Estate of the Late Lady Mary Fairfax.
Mr Jacobs said this morning the offer “represents an extraordinary opportunity to acquire Australia’s most desirable residential holding”.
“The property’s appeal reflects its unquestionable position as Australia’s most revered and significant home,” he said.
Mr Jacobs said that Fairwater was the largest privately-owned harbour side landholding at 11,210 sqm — or 2.77 acres — and is well know for its social and charity functions.
“No Australian home has so consistently been the backdrop for social, charity and business functions attended by a who’s who of Australia’s and the world’s most influential people,” Mr Jacobs said.
The offer comes despite provisions in Lady Mary’s will that had indicated that home could have remained in the famous family’s possession for decades to come.
There was no explicit mention of how Fairwater was to be bequeathed in the will, although the trustees had the “power of sale” of all assets in the trust fund.
That put decisions about the Point Piper residence in the hands of the four executors — who became the individual trustees of the new Lady Fairfax Trust.
They are Lady Mary’s long-term adviser, publican, Bruce Solomon, former lawyer Jim Momsen and former KPMG partner Peter Done. The fourth executor is Lady Mary’s private secretary Lee Thomas, 67.
Fairwater’s title to the home on New South Head Road was transferred to the will’s executers on February 20. The will outlines that “live-in” staff members employed by Lady Mary at the time of her death can “continue to live-in at Fairwater”.
The Lady Mary Fairfax Trust was a $600m-plus vehicle and the fortune was left to her four children. The beneficiaries were named as the US-based Warwick Fairfax Junior, whom launched the failed Fairfax takeover in 1987, adopted children Charles Fairfax and Anna Cleary, as well as lawyer Garth Symonds, Lady Mary’s son from a previous marriage.
Receivers appointed to $300m apartment project
Receivers have been appointed to one of the largest apartment developments in Sydney’s eastern suburbs, the $300m Nautique apartment block in Rushcutters Bay.
Real estate upheaval as agents make their moves to rival firms
While the coastal auction sales season was under way, metro estate agents took the opportunity for a fresh start in new surrounds with the biggest upheaval at The Agency.