Record price likely for harbour home, with stables

| 19 September 2013 10:09 am
The Victorian mansion, Elaine, is expected to shatter Australia's property price record when it comes up for sale in coming months.

The Victorian mansion, Elaine, is expected to shatter Australia’s property price record when it comes up for sale in coming months.

The stables sit on some of the finest harbourside real estate in Sydney, but buyers will have to pay a record price for an Australian mansion to claim them.

The stables are part of the estate that goes with Elaine, the Fairfax family’s seven-bedroom Victorian mansion that sits on six titles on a waterfront stretch in the exclusive suburb of Point Piper.

Experts suggest the property could fetch up to $A100 million ($US95m), which would comfortably exceed the current record of $57.5 million, paid by Mineral Resources founder Chris Ellison for iron-ore heiress Angela Bennett’s Swan River front residence in Perth’s Mosman Park in 2009.

The property is reported to be going on the market in coming months.

Elaine, a heritage building built in 1863, was bought by Geoffrey Fairfax for £2100 more than a century ago.

The mansion has its own ballroom and stables, a tennis court, and boosts some of the best views of Sydney Harbour on offer.

It is just four kilometres from central Sydney and it fronts on to Seven Shillings Beach.

Ken Jacobs, with Christie’s International Real Estate, confirmed to media that a marketing campaign would begin in coming months.

Jacobs said he was confident the property would comfortably exceed the current price record, saying that no equivalent parcel of harbourside land had come on the market, and that set the 6900 square metre property apart.

“It’s quite unique, it’s the best property ever to come on to the market in Australia,” he said.

The current Sydney property record stands at $A53 million for a nearby estate.

The current owner of Elaine is John B Fairfax, whose family built the Fairfax media empire.

The property is currently tenanted, with the lease due to expire.


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