A waterfront mansion on Sydney Harbour with views of the bridge has reportedly been purchased by a 27-year-old from China at a cost of about $52 million. 

Villa Igiea is a landmark 1920s mansion which was not on the market. The home was built in the 1920s for the Grace retailing family. It was home to the late transport magnate Sir Peter Abeles until he died in 1999, and sold by his daughter two years later for $12.1 million to Network Seven commercial director Bruce McWilliam and his wife Nicky McWilliam. Nicky then sold the property to expat entrepreneur Wayne Burt in 2005 for $17,374,000. Burt and his Swedish wife Helene moved to Switzerland in late 2012, and have rented the proerty to visiting celebrities including Angelina Jolie and Brad Pitt when they visited in late 2013, and more recently, Katy Perry, Beyonce and Jay Z, Stevie Nicks, and currently billionaire Netscape founder Jim Clark and his wife Kristy. 

The home's new owner is "Jim" Shangjin Lin, a recent graduate of Macquarie University and managing director of property development giant Aqualand. Aqualand is a subsidiary of the Shanghai-based property developer Shenglong, one of China's top 50 property developers and chaired by Mr Lin's father, Yi Lin. Yi Lin was ranked as China's 92nd richest person on the 2015 Hurun Rich List with a net worth of $3.3 billion.

In 2010, Lin's mother, Yunhui Lin, spent $8.5 million on the family home in Waverton. Lin also owns Gleneagle, a 40-hectare Southern Highlands property he bought in 2011 for $7.15 million. 

The deal was reportedly negotiated by Ken Jacobs of Christie's International and Brad Pillinger of Pillingers, who has sold the property two times previously.