Will the waterfront Sydney mansion owned by Singaporean businessman CK Ow break the record for Australia's most expensive home?
Singaporean businessman CK Ow has listed his Vaucluse mansion for sale with hopes of breaking Sydney's record $70 million price tag for a single home.
Ow, who is chairman and chief executive of the Singapore-based hotel and development company Stamford Land Corporation, is selling the vast six-bedroom, six-bathroom estate at 38B The Crescent because he does not spend enough time there.
He bought the estate 22 years ago for just over $7 million through the current listing agent, Craig Pontey of Ray White Double Bay.
Past records for Australia's most expensive homes are held by James Packer's Vaucluse mansion, which sold for $70 million in 2015, and Elaine, the Fairfax family estate at Point Piper, which sold for over $70 million earlier this year.
Ow's estate is known as "Phoenix Acres" and at 3,731sqm, occupies an unusually large block for the area. Originally built by newspaper owner Ezra Norton in the 1960s, the home has a deepwater jetty and an 81-metres water frontage. Other features include a tennis court, pool, and a unqieu English-style 'pub'. There are parking spaces for three cars.
"Sadly, I do not spend sufficient time there to enjoy this jewel of a property as my travels take me to many other far reaches of the world," said Ow.
“It’s such a unique offering and they don’t come up very often," said Pontey, who has been selling real estate in Sydney's eastern suburbs for 37 years.
"Mr Ow has lived there for nearly 25 years and whoever buys it this time will probably live there for another 25 or 30 years," he said.
The unique property is for sale through an expressions of interest campaign, running both locally and overseas.
Read more about Australia's most expensive property:
'Elaine' becomes Australia's most expensive home
James Packer's mansion sold for record $70M
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