Sydney mansion breaks property price record

An historical Sydney mansion has broken Australian house price records, selling for more than AU$70 million (NZ$76m) - and a promotional video shows just what kind of luxury that gets you.

The 154-year-old mansion on Sydney's waterfront overlooks the city's famous skyline, and had been in the Fairfax family for the past 126 years.

But now 37-year-old tech billionaire Scott Farquhar and wife Kim Jackson now own the Point Piper estate, known as Elaine.

However, the sprawling 6986 square metre estate didn't quite fetch the AU$75m (NZ$81m) asking price, Domain reports.

sydney elaine mansion property real estate
(Supplied)

The three-storey mansion includes a sloping lawn extending down to Seven Shillings Beach, has a grass tennis court, sandstone walls and paths and is home to 500-year-old trees.

sydney elaine mansion property real estate
(Supplied)

While the AU$70m price tag has set the record, the mansion hasn't been renovated since the 1950s and could potentially be worth a lot more.

Last year the estate got approval to subdivide the property in four, and it was promoted as Elaine Gardens. However, it's believed Mr Farquhar, who founded Atlassian in 2002, will keep it as one.

sydney elaine mansion property real estate
(Supplied)

Mr Farquhar was named on the BRW Young Rich List in 2007 along with co-founder and university mate Mike Cannon-Brookes, with a combined wealth of AU$4.6b after floating the company on the US stock exchange.

The mansion was built in 1863 and bought in 1891 by Geoffrey Evan Fairfax - of the family behind the Fairfax Media organisation.

The estate first went on the market in 2014, and there were at least two potential buyers for what may consider as one of the most significant properties in Australia.

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