Atlassian Billionaire Scott Farquhar Sells Sydney Mansion 'Elaine' for Record $130 Million
Scott Farquhar, co-founder of Atlassian, has sold his historic Sydney beachfront estate 'Elaine' for $130 million, matching the national house price record. The sale surpasses the initial asking price of $120 million and reflects Farquhar's significant wealth, estimated at $22.88 billion. He had previously bought the property in 2017 for $71 million.
Tech billionaire Scott Farquhar has set a national house price record by selling his opulent beachfront estate in Sydney for $130 million. The co-founder of Atlassian, Farquhar's sale of the historic property known as 'Elaine' marks a significant milestone in the Australian real estate market.
Sale Details of the Historic Estate
Scott Farquhar's recent transaction for the grand estate named 'Elaine' in Point Piper exceeds the initial asking price of $120 million. The property, built in 1863, was sold for a staggering $130 million, matching the record price Farquhar previously paid for another Point Piper residence, UIG Lodge, in November 2022, as reported by realestate.com.au.
Farquhar's Rising Wealth
This transaction adds to Scott Farquhar's impressive financial portfolio. He was recently recognized as the fifth-richest Australian on the AFR Rich List 2024, boasting an estimated net worth of $22.88 billion. His significant investment in the property comes as no surprise given his successful venture in the tech sector.
Historical Significance of the Property
The sprawling 7000sqm estate was purchased by Farquhar in 2017 for $71 million from John Brehmer Fairfax, which at the time set a national record. This historic property has a rich heritage, having been owned by the Fairfax media dynasty since 1891, when it was acquired for £2,100.
Future Plans and Developments
Although Farquhar initially proposed a $37 million plan to upgrade the Elaine estate, those plans were never submitted to the local council due to a complaint from a neighboring resident. Farquhar has recently stepped down as co-CEO of Atlassian, which he co-founded alongside Mike Cannon-Brookes, the owner of the adjacent property, 'Fairwater.'
Comparison with Other High-Profile Sales
In comparison to other high-value real estate transactions in Australia, the largest is a $140 million apartment located at the top of Lendlease's Residences One tower in Barangaroo. This property consists of a penthouse and sub-penthouse, and the sale has yet to be finalized. The sales landscape in Australia continues to evolve, showcasing remarkable transactions like Farquhar's estate sale.
