Fairfax family mansion sells to Atlassian co-founder Scott Farquhar for $70 million
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One of the most prestigious mansions in Australia has been bought by tech-entrepreneur Scott Farquhar for $70 million. The Elaine property, built in 1863 was owned for over 100 years by the Fairfax family who purchased it in 1891.
Considered as one of the most significant Australian properties of all time, the three-storey Point Piper home, set on a 6986 square metre block is comprised of seven bedrooms, five bathrooms, stables, a harbour front garden, tennis court, sandstone walls and direct access to Seven Shillings Beach.
In 2016 a promotional campaign was underway, referring to the home as Elaine Gardens and promoting the property as a potential development opportunity, with DA approval for four homes.
The property is quite the upgrade from Farquhar’s last home, a two-bedroom home in Pyrmont which he bought for $1.4 million in 2006.
Farquhar has confirmed that he has no plans to develop the site.
Speaking about his new purchase to Fairfax media, Farquhar said, “We’re thrilled with the purchase and honoured to take over the Elaine state in its entirety from the Fairfax family.”
Farquhar has confirmed that he has no plans to develop the site.
“It would have been a great loss to see this rare property sold to developers and carved up. When we heard of the plans, we just couldn’t let this beautiful piece of Australian history be turned into a development site.”
Farquhar, 37, co-founded Australian tech company Atlassian with his university friend Mike Cannon-Brookes in 2002. He and Brookes are often referred to as 'accidental billionaires' after they founded Atlassian with the soul aim of earning $48,000 per year each without having to work for a big corporation. $48,000 per year was a typical graduate starting salary at the time.
The pair now sit at the top of the BRW Young Rich List with a combined net worth of $4.6 billion.
