Even though the home’s previous owners paid $325,000 for it over 40 years ago, the unassuming house in a quiet neighborhood fetched over $80 million.
The street view of the property may make one think that the asking price is too much, but inside, it has a lot of features that are worth the money.
The massive home, which is known as Rockleigh, is situated in Point Piper, and it overlooks Sydney Harbour.
According to a report by the Sydney Morning Herald, the property was purchased by Val Rundle in 1978. She then passed it on to her daughter, Philippa, in 2016.
The exact identity of the buyer who purchased the mansion is not known.
Although it’s a steal today, the $325,000 price was still a lot of money for a property in Sydney in 1978.
By 2024, the median house price of the city is around $1.63.
Due to the Harbour views’ rarity, which are considered to be worth more today than they were in 1978, the high price point in Point Piper has led to some of the most expensive real estate in the country.
Its neighboring suburb, Bellevue Hill, is also one of the most expensive areas in the country.
According to realestate.com, this is because the mega homes in Point Piper are very tightly held.
The $80 million sale of Uig Lodge isn’t the most expensive real estate transaction in Point Piper.
It was reportedly purchased by Scott Farquhar, the co-founder of software company Atlassian, for $130 million.
Another prominent Australian businessman, John Symond, recently listed his mansion for $200 million.