Property price record broken

Sydney – Tech billionaire Mike Cannon-Brookes has bought a Sydney waterfront mansion for a reported A$100 million (R1.4 billion), media said yesterday, eclipsing the previous Australian purchase record set by his business partner.

Cannon-Brookes, cofounder of Australian software giant Atlassian, snapped up “Fairwater”, an 11 200m² estate which formerly belonged to the late Mary Fairfax, whose family previously owned the Sydney Morning Herald.

“We are delighted with the purchase of Fairwater for our young family and look forward to continuing the legacy of this beautiful Sydney home,” he told online property hub Domain.

The historic estate, slightly larger than a rugby field, stretches down to a harbour beach in Sydney’s prestigious Point Piper.

It was built in 1881 and had been in the Fairfax family for more than a century, until Mary Fairfax died last year.

The largest of its kind in the area, “Fairwater” is known to have hosted grand parties, with royalty, politicians and celebrities among the prestigious invitees.

Domain said the purchase price of the iconic property, which boasts a lavish waterfront garden and tennis court, was close to A$100 million. The price tag smashes the Australian record of an estimated A$75 million paid for “Elaine” – another former Fairfax family mansion, which neighbours “Fairwater”. –