A block of land on the Point Piper waterfront that was once slated to be part of a larger luxury development spearheaded by a developer-turned-murderer. Ron Medich has sold for $27 million to serial entrepreneurs Alexandra Y gabriel jakob.
Though it contains only weeds and debris, the 8,000 square feet has been a hotly contested tract of land since the disputed Medich development was abandoned in 2010, with a handful of owners moving it out in quick succession in the years since. .
The 8,000 square feet at the end of a steep driveway on Point Piper’s Wolseley Road has been frequently commercialized over the past decade.Credit:
Alexandra and Gabriel, just 40 and 41 years old, are no strangers to the value inherent in the prime waterfront site, given that their own home two doors away shares the same driveway and views of the Harbor Bridge.
Millennial tech investors made a big impression on the Sydney trophy market in 2019 when they paid $40 million for the former Westpac director’s house. steve hackmaking it the biggest home sale of that year.
The couple’s recent purchase, without the need for financing, through Bill Malouf and William Manning of Highland Double Bay, worked well moo lithe 33-year-old son of the billionaire Li Guoqiangfounder and head of one of the largest car dealerships in China, Zhongsheng Group.
An artist’s impression of the house designed by Tzannes Associates which obtained DA approval for the site.Credit:Woollahra Council
Li made a $5 million capital gain on his three-year-old property, having bought it for $22.5 million from the accountant. Peter Wyerwho held it on behalf of Yachtie Jim Cooney.
It turned out to be a loss for Cooney, given his purchase price of $22.5 million a year before hugh huangson of Shanghai shipping magnate Shannian Huang, and who had torn down the 1970s house amid plans to build a house designed by Tzannes Associates.
By the way, the owner of Sydney FC Scott Barlow he had sold it to Huang in 2013 for $14.35 million, to move into his house across the street from the driveway, which he sold last year for $40 million to Macquarie’s Nick O’Kane. He has since moved into Akuna’s trophy home down the street that he bought this year for $45 million.
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