Tech billionaire Scott Farquhar has equaled the national house price record after selling his Sydney beachfront property for a whopping $130 million.
Farquhar, co-founder of software giant Atlassian, has reportedly sold the grand estate built in 1863 known as ‘Elaine’, in luxurious Point Piper, for more than the initial asking price of $120 million.
Farquhar’s latest deal matches the record price he paid for another Point Piper home, UIG Lodge, in November 2022, according to wellbeing.com.au.
The sale adds to the 44-year-old’s vast wealth, after he was ranked the fifth richest Australian on the AFR 2024 Rich List with an estimated worth of $22.88 billion.
Farquhar purchased the 7,000 square meter property in 2017 from John Brehmer Fairfax for the then national house price record of $71 million, the Sydney Morning Herald information.
The historic property had been home to one of the world’s oldest media dynasties since Geoffrey Evan Fairfax bought it in 1891 for £2,100.
A spokesman for Farquhar’s office said they would not comment on the sale.
Farquhar recently resigned as co-CEO of Atlassian, which he co-founded with Mike Cannon-Brookes, owner of the ‘Fairwater’ beachfront residence next door.
Scott Farquhar (pictured with his wife Kim in 2017), co-founder of software giant Atlassian, has reportedly sold the grand estate built in 1863 known as ‘Elaine’, in Sydney’s luxurious Point Piper, for more than the initial asking price of 120 dollars. million
Farquhar bought the 7000 square meter property (pictured) in 2017 from John Brehmer Fairfax for what was then a national house price record of $71 million.
Cannon-Brookes reportedly paid a whopping $100 million for the estate of the late Lady Mary Fairfax in 2018.
Australia’s biggest residential deal is a $140 million apartment atop Lendlease’s Residences One tower in Barangaroo.
However, that property is a consolidation of two apartments, the penthouse and the sub-penthouse, and has not yet been settled.
Farquhar initially had a $37 million plan to improve Elaine’s property; However, the plans were never presented to the council after a neighbor complained.