A block of land on the Point Piper waterfront that was once slated to be part of a larger luxury development spearheaded by developer-turned-murderer Ron Medich has sold for $27 million to serial entrepreneurs Alexandra and Gabriel Jacob.
Despite featuring just weeds and rubble, the 740 square meters has been a highly contested patch of dirt since Medich’s mooted development was abandoned in 2010, given a handful of owners trading it in quick succession in the years since.
Alexandra and Gabriel, aged just 40 and 41, are no strangers to the value inherent in the prime waterfront site, given their own home two doors away shares the same battle-axe driveway and views of the Harbor Bridge.
The millennial tech investors made a big impression on Sydney’s trophy market in 2019 when they paid $40 million for the home of former Westpac director Steve Harkermaking it the highest house sale of that year.
The couple’s recent purchase – with no finance required – through Highland Double Bay’s Bill Malouf and William Manning did well by mu lithe 33-year-old son of billionaire Li Guoqiangfounder and chief of one of China’s largest car dealers, Zhongsheng Group.
Li made a $5 million capital gain on his three-year ownership, having bought it for $22.5 million from accountant Peter Wyerwho was holding it on behalf of yachtie Jim Cooney.
It proved a loss for Cooney, given his purchase price of $22.5 million a year earlier from Hugh Huangare of Shanghai shipping tycoon Shannian Huang, and who had knocked down the 1970s house on site amid plans to build a Tzannes Associates-designed house.
Incidentally, Sydney FC owner scott barlow had sold it to Huang in 2013 for $14.35 million, to move to his street-front house up the driveway, which he sold last year for $40 million to Macquarie’s Nick O’Kane. He has since moved to the Akuna trophy home down the road bought this year for $45 million.