The iconic Sydney Harbour estate owned by the Fairfax publishing family, Elaine, has today been re-introduced to international real estate market as “Elaine Gardens,” positioning it as one of the world’s most exciting development opportunities. The property now comes with development approval for four homes on the historic grounds, and is expected to fetch between $75 to $80 million, a new Australian price record.

Under the proposal, buyers have the option of acquiring the entire estate, which sits over 1.7 acres on the Harbour front at prestigious Point Piper, and creating a one of a kind private compound. Alternatively they can purchase one or more of the individual home sites.

Australia's current price record stands at $70 million, set in mid 2015 by the sale of James Packer's Vaucluse mansion which was sold by Ken Jacobs of Christie’s International Real Estate. Jacobs is also heading the Elaine Gardens campaign.

“I genuinely believe there is no other home in Australia that can top this offering, because of the potential and flexibility,” said Jacobs. "No matter what option someone chooses, they will be buying into a part of Australian history and that is genuinely something to be excited and proud of.”

As an approved development site, Elaine Gardens is eligible to be purchased by foreign non-residents. Development approval was granted in December for two new homes to be built each on half acre lots along the beachfront section of the estate, with price guides of $25 million to $27.5 million.

There is also a permission for an extensive rejuvenation plan for the existing Elaine homestead, which has a price guide of $13 million to $14 milllion as well as the neighbouring coachhouse, which has a price guide between $4 million and $4.4 million.

Elaine has been held by the Fairfax family for more than 125 years. Current day owner John B. Fairfax says it became evident that in nearly all cases the potential for further change remains a core interest for buyers. The Fairfax family responded by undertaking its own development plan, ensuring a respectful outcome for their treasured estate while delivering certainty for buyers. "We had hoped, and still do hope, the property would sell in a single line. Over a number of months there has been limited appetite for this,” said Fairfax. “Having grown up in the house it has always been my intention to manage the current process in a careful and responsible way. My instructions to my architects and my heritage advisor, Howard Tanner, have always been to retain the essence of the house in the proposed renovations.”

Leading Sydney architect John Rose led the vision for Elaine Gardens, which includes plans for the two new residences carefully set into the grounds below the main homestead, looking directly onto the Harbour. 

The promotional video for the estate has created by Goldeneye Media.

For more details, contact Ken Jacobs on +61 407 190 152 or +61 2 9328 1422 or [email protected].