T
ech billionaire Scott Farquhar has sold his Point Piper beachfront mansion, Elaine, for exactly $130 million. The sale breaks the national house price record he set in 2022 when he bought another Point Piper home, UIG Lodge, for the same amount.

    Farquhar purchased Elaine from JB Fairfax in 2017 for $71 million, more than doubling its value in just six years. The mansion's interior was described as "ugly" and "clunky" by a journalist who toured it in 2016, but the property's exterior is magnificent, with a north-facing waterfront and ivy-lined path leading down to Seven Shillings Beach.

    The sale of Elaine matches the current national house price record, which Farquhar also set when he bought UIG Lodge. Only two houses have sold for $100 million in Australia, both located in Point Piper: Fairwater estate in 2018 and UIG Lodge in 2022. Another Point Piper home, Rockleigh, had $100 million hopes but sold for between $80-85 million in May.

    The purchaser of Elaine is not yet known as the sale has yet to settle. The agents behind the deal were Ken Jacobs of Forbes Global Properties and Brad Pillinger of Pillinger. Farquhar had lodged plans to renovate Elaine worth $37 million, but they were opposed by neighbours and he looked elsewhere.