
Tech Billionaire Scott Farquhar Sells Elaine Estate for $130 Million
In a remarkable turn of events in the Australian real estate market, tech billionaire Scott Farquhar has recently sold his stunning Point Piper estate, known as Elaine, for an impressive sum of approximately $130 million. This sale marks another milestone in Farquhar's already storied real estate journey, as it stands as one of the highest property transactions in the country to date.
The estate, which spans almost 7,000 square meters, was originally purchased by Farquhar in 2017 for a then-record-breaking price of $71 million from media magnate John Brehmer Fairfax. It is noteworthy that Elaine, built in 1863, has been a significant part of Australian media history, having been owned by one of the world's longest-running media dynasties since 1891 when it was acquired by Geoffrey Evan Fairfax for just £2,100. This historical significance adds a layer of intrigue to the already eye-catching sale.
While the exact figure for the recent transaction is still under wraps, sources suggest that Farquhar's initial asking price of $120 million was increased to $130 million, ultimately resulting in a sale that has captured the attention of real estate enthusiasts and industry insiders alike. Interestingly, a spokesperson for Farquhar has chosen to remain tight-lipped about the details surrounding the sale, which adds an element of mystery to the transaction.
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Following his recent decision to step down as co-CEO of Atlassian, the software giant he co-founded with Mike Cannon-Brookes, Farquhar has cemented his status as one of Australia’s wealthiest individuals. In fact, he was ranked fifth on this year’s AFR Rich List, boasting an estimated fortune of $22.88 billion. The sale of Elaine is a notable achievement, especially given that no mortgage was ever filed for the estate during his ownership.
Adding to the intrigue, Farquhar holds the record for the highest residential sale in Australia, set at $130 million for the Scottish baronial mansion Uig Lodge, which he purchased from rag traders Steven and Carol Moss in late 2022. Although the title for the most expensive residential deal remains a $140 million apartment at Barangaroo, which is still pending settlement, Farquhar's knack for high-stakes real estate transactions is hard to overlook.
What’s particularly interesting about the Elaine estate is that, during Farquhar's ownership, plans were lodged to reconfigure the property, which included removing lead and asbestos, as well as demolishing some less desirable additions from the 1950s and 1970s. Farquhar's vision for the estate aimed to preserve its original character while enhancing its grandeur. Despite the renovations and reconfiguration efforts, it appears that the property had not been extensively occupied during his time as owner.
In a vibrant property market characterized by increasing demand for ultra-prestige listings, the sale of Elaine signals a robust trend among high-net-worth individuals seeking premium properties. The momentum in the trophy home segment continues, as seen with the recent sales of other high-value properties in the area, including Rockleigh and Alcooringa, both of which changed hands for significant amounts in discreet transactions.
As we look to the future, it will be fascinating to see how Farquhar’s latest move plays out in the broader context of the real estate market. The recent sale underscores the ongoing allure of luxurious properties in Australia and marks another chapter in the life of one of its most prominent tech billionaires.
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