The prestige market may see a new record breaker this spring season with the listing of Lady Mary Fairfax’s Sydney Harbour estate expected to be worth $100 million and beyond.
The sprawling 2.77 acre Point Piper estate, known as Fairwater, holds a beachfront location on Sydney's iconic harbour.
If it attracts this price Fairwater would be Australia's priciest property, also the first sale to reach the nine-figure sum mark.
The trustees of the late Mary Fairfax's estate have enlisted Christie’s International Real Estate's Ken Jacobs to broker the Fairwater deal.
"Located 5.5 kilometres from the CBD of a major international city is rare by any standard," Jacobs told The Urban Developer.
The waterfront Point Piper estate spans from New South Head Road to Seven Shillings Beach.
The property is the largest privately-owned beachfront landholding on Sydney Harbour at 11,210sq m, Jacobs said.
And he would know, he sold the neighbouring property known as Elaine Estate for $71 million last year. Jacobs says this is one of the few, if not only comparable sales.
However Fairwater is much larger in land size than the Elaine Estate next door.
The property, which has been in the Fairfax publishing family since 1901, was designed by famed architect John Horbury Hunt and built in 1882.
"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," Jacobs said.
"It is remarkable that an estate offering such rare and unrepeatable features still exists in Australia today; this opportunity will not come again.”