Lady Mary Fairfax's vast Point Piper estate poised as Australia's first $100 million sale

Update: Australia’s most expensive home, Fairwater, has sold

​Point Piper estate Fairwater, held by the Fairfax family since 1901, is to be sold amid expectations it could be Australia’s first sale for $100 million or more.

The listing follows the death last September of Lady (Mary) Fairfax, aged 95, and dispels reports of more than 20 years ago that she planned to bequeath the estate to the people of NSW.

Recent speculation that the estate was to be sold was confirmed by a one-line statement on Thursday morning by Ken Jacobs, of Christie’s International, who has been appointed by the trustees to sell the property.

The 1.121-hectare property extending from New South Head Road to Seven Shillings Beach is arguably the finest historic residence in the country, and the largest private holding on Sydney Harbour.

“It is remarkable that an estate offering such rare and unrepeatable features still exists in Australia today; this opportunity will not come again,” Mr Jacobs said.

Trophy homes of this calibre are near extinct given decades of redevelopment and subdivision, leaving the Elaine estate next door as the only near comparable house sale. It was sold by the other branch of the Fairfax media dynasty last year for $71 million to tech billionaire Scott Farquhar.

“When Fairwater’s sister property Elaine came to the market, it set a new benchmark, yet Fairwater is over 4100 square metres larger,” Mr Jacobs said. “They are truly the golden girls of Sydney Harbour.”

Fairwater is of greater value than its older neighbour Elaine on a handful of key measures. As well as a larger land size, the main residence has greater architectural merit, there are another two houses and a swimming pool on title, and its position 100 metres north on the beach affords better views.

• Related: What next for Lady (Mary) Fairfax’s estate Fairwater?
• Related: Scott Farquhar smashes $70m record to buy Elaine
• Related: Lady (Mary) Fairfax was Sydney’s grand hostess

Fairwater dates back to 1881, when work began on the Victorian mansion designed by leading architect of the day John Horbury Hunt, for stockbroker Francis Edward Joseph.

In early 1901 newspaper proprietor Sir James Oswald Fairfax paid £5350 for the two-storey house, and commissioned additions in the arts and crafts style in 1910 by Manson and Pickering architects.

Built in pale yellow brick with a slate roof and Tudor-style gables, it is described in heritage records as “medieval and Queen Anne inspired”.

Sir James died in 1928 and his widow Lady (Mabel) Fairfax followed in 1965, leaving the family home to their son Sir Warwick Fairfax.

Sir Warwick was the fourth of five members of his family to preside over the destiny of Australia’s oldest newspaper, The Sydney Morning Herald, and was knighted in 1967.

The following year, Sir Warwick moved to Fairwater with his third wife, Lady Fairfax, and for almost half a century it was known for its glamorous parties, charity fundraising events and an impressive guest list of business leaders, politicians, royalty and a few Hollywood stars.

After Sir Warwick died in 1987 the heritage-listed estate was left to Lady Fairfax, who in 1996 was reported as saying she intended to leave it to the people of NSW, overseen by a trust of seven headed by her close friend Sir Rupert Clarke.

Sir Rupert died in 2005.

Lady Fairfax later declined to comment on her intended gift and it remained unknown if the bequest was formalised. Until now.

A windfall for us all

The sale of the Fairwater won’t just be a windfall for the beneficiaries of Lady Fairfax’s estate.

State government coffers will also do well, given the $6.94 million stamp duty on a $100 million sale.

If the buyer is from overseas the duty payable on the purchase will swell to $14.9 million, given an extra $8 million foreign buyer duty.