Press scion Alexander Ma has second tilt at selling $30 million Vaucluse house

The Vaucluse mansion owned by press scion Alexander Ma that was the subject of a failed sale last year has returned to the market, still carrying its $30 million price tag.

Ma, the son and heir apparent of Hong Kong press baron Ching-kwan Ma, was just 28 when in 2017 he paid $26.5 million for the architect Bruce Stafford-designed residence from businessman Yaron Remen and his wife Shauna.

Ma’s first trophy home purchase was overshadowed the following year, however, when he bought a waterfront house around the corner for $23.888 million from construction boss Peter Comino and a week later secured its waterfront neighbour for $31 million from former KPMG Consulting partner Michael Ibrahim amid plans to demolish both houses to make way for three luxury residences.

The almost $55 million deal was a standout even in the bullish 2018 trophy market but by the time the young property investor had listed his designer home with $30 million hopes last year, Sydney’s ultra-prestige market had cooled significantly.

No sooner did a buyer exchange for it in March than rumour spread that the deal was set to fall over.

It wasn’t until last September that Peter Leipnik, of BadgerFox, said settlement on the deal had been pushed out again, but he was still hopeful the original buyer would complete the purchase.

Ultimately, the deal did fall over, and almost nine months later the grand Vaucluse Road mansion was returned to the market on Wednesday with the same BadgerFox team.

The designer residence is set on almost 1500 square metres and includes parking for 12 cars, eight bathrooms, a home cinema, heated pool, internal lift, gymnasium with spa and sauna and a wine cellar.

Ma’s dad is known as CK Ma, owner of Hong Kong’s media empire Oriental Press Group, and his family founded the group’s flagship newspaper Oriental Daily News.

Ma became known in Australia in 1993 when he paid about $130 million for the Hilton Hotel from the receivers of the late Alan Bond, and Ma then sold it back to the Hilton family in 2000 for a reported $200 million.