Renovations can be a pain, but one Australian billionaire has a $16 million solution.
Scott Farquhar, co-founder of Silicon Valley darling Atlassian, has bought a house in Sydney’s exclusive eastern suburbs for that price, while his nearby $70 million home is renovated.
The Mediterranean-style house at Drumalbyn Road in Bellevue Hill has views of the harbour, six bedrooms, a pool designed by famous landscape architect Peter Glass, plenty of living spaces and elite schools nearby.
A luxe family estate, the house is an in-between home for Farquhar, his wife Kim Jackson and their three children while they decide on and complete renovation plans for Elaine, their Point Piper forever home.
Built in 1863, Elaine is a grand dame with a prestigious and historical pedigree but its dated interiors are badly in need of a facelift.
Farquhar set a record for the highest price paid for an Australian house in April 2017 when he bought the Victorian mansion for an estimated $71 million.
Elaine had been tightly held by the Fairfax family, who had owned it for 122 years before selling it to Farquhar.
The record was toppled by none other than his business partner Mike Cannon-Brookes, who bought Australia’s most expensive house next door, the $100 million Fairwater estate.
A homegrown success story, Atlassian was founded by the pair who struck up a friendship while students at the University of New South Wales.
The pair now reportedly have a combined net worth of over $14 billion. Their company, which makes products for software developers, raked in $1.4 billion in revenue last year and has around 140,000 organisations using their products worldwide.
Also in this week’s prestige property wrap from The Courier Mail reporter Liz Tilley, take a tour through former prime minister Malcolm Turnbull’s Canberra bolthole which has just sold, and chef Pete Evans’ Malabar house which is on the market.
Watch the full video above.