Buyer of Sydney’s Priciest Home Unveiled
Patrick Shi, CEO of Acce Investments Group, has emerged as the lead buyer in a consortium that purchased Sydney's Elaine estate for $130 million, matching Australia's residential price record. The heritage-listed waterfront property, spanning 6,986 square meters in Sydney's eastern suburbs, was previously owned by tech billionaire Scott Farquhar and Kim Jackson, who acquired it for $71 million in 2017. The landmark sale underscores the sustained demand for premium harbor-front properties in Sydney's luxury market, with speculation surrounding potential subdivision plans that could yield returns exceeding $200 million. This transaction represents a pivotal moment in Sydney's ultra-high-end real estate landscape.
Highlights
- Patrick Shi, CEO of Acce Investments Group, leads the consortium that purchased Sydney's Elaine estate for $130 million.
- The sale matches Australia's national house price record for a residential property.
- The waterfront estate spans 6,986 square meters and includes a heritage-listed mansion in Sydney's eastern suburbs.
- Shi acquired the property from tech billionaire Scott Farquhar and Kim Jackson, who previously purchased it for $71 million.
- The buyer holds a Master's in International Business and has extensive experience in high-stakes property development since 2002.
Record-Breaking Sale Details
Sydney's property market has reached a new milestone with the sale of the prestigious Elaine estate for $130 million, matching Australia's national house price record.
The waterfront property, spanning 6,986 square meters, was purchased by a consortium led by Patrick Shi, CEO of Acce Investments Group, reflecting current luxury trends in Sydney's high-end real estate sector.
The property valuation represents a significant return for previous owners Scott Farquhar and Kim Jackson, who acquired the estate for $71 million in 2017.
Leading agents Brad Pillinger and Ken Jacobs orchestrated the sale, though they have declined to comment on the transaction details.
The record-equaling deal highlights the sustained demand for premium waterfront properties in Sydney's eastern suburbs, where neighboring estates have consistently commanded nine-figure sums in recent years.
Meet Patrick Shi
Real estate magnate Patrick Shi has emerged as the lead buyer in Sydney's most expensive residential transaction. As CEO of Acce Investments since 2002, Shi brings extensive experience in property development and investment strategy to the landmark $130 million purchase.
With a Master's degree in International Business from the University of Wollongong, Shi has built a reputation for high-stakes property negotiations. His LinkedIn profile highlights expertise in real estate development and marketing strategy, skills that proved essential in securing the prestigious Elaine estate.
Sources familiar with the deal indicate that Shi initially explored properties in the $100 million range before forming a consortium to pursue the historic waterfront mansion. The acquisition marks a significant milestone in his career, positioning him among Sydney's elite property investors.
Past Ownership and History
Before its record-breaking $130 million sale, the Elaine estate passed through several notable hands, including Atlassian co-founder Scott Farquhar and his wife Kim Jackson, who purchased the property for $71 million in 2017.
The property legacy extends further back to JB Fairfax, one of the previous owners who had contemplated subdividing the estate into smaller parcels. However, Fairfax ultimately chose to sell at a lower price to preserve the property's integrity as a family residence.
The estate's historical significance is further emphasized by its proximity to Fairwater, which sold for $100 million in 2018 to fellow Atlassian co-founder Mike Cannon-Brookes.
These transactions have established the area as Sydney's premier luxury real estate enclave, with each sale setting new benchmarks for Australian residential property values.
Development Possibilities and Speculations
The acquisition of Elaine has sparked intense speculation about its future development potential, particularly regarding the possibility of subdivision into four separate blocks.
Industry analysts suggest this property subdivision strategy could yield returns exceeding $200 million, representing a significant premium over the $130 million purchase price.
Market experts note that the potential for development was previously explored under former owner JB Fairfax, who ultimately chose to maintain the estate's integrity by selling it as a single residence.
The consortium's investment strategies remain unclear, though the heritage-listed mansion's status adds complexity to any development plans.
The property's substantial 6,986-square-meter footprint provides ample space for multiple luxury residences, should regulatory approvals be secured for subdivision.
Sydney Luxury Property Market
Amid surging demand for premium waterfront properties, Sydney's luxury real estate market continues to set unprecedented benchmarks with each notable sale.
Market trends indicate sustained growth in high-end property values, particularly in prestigious harbor-front locations where luxury investments have shown remarkable durability.
Key indicators of Sydney's robust luxury market include:
- Record-breaking sale prices, from $71 million in 2017 to $130 million in 2024
- Strong demand from both domestic and international buyers
- Consistent price appreciation in waterfront properties
- Potential for significant returns through strategic development
The recent Elaine estate transaction exemplifies the market's strength, according to industry analysts.
"Premium properties continue to attract substantial investment despite broader market fluctuations," notes a leading property consultant, highlighting Sydney's position as a prime destination for ultra-high-net-worth buyers.
