The vacant harborside lot owned by the son of a Chinese billionaire is selling for a staggering $27 million, so who are the new owners?
- A vacant lot on Sydney Harbor sold for $27 million
- The lot is currently home to rubble, weeds, and multi-million dollar views.
- The undeveloped land was owned by the son of a Chinese billionaire until its sale
A vacant lot overlooking Sydney Harbor sold for a staggering $27 million despite only containing weeds and debris.
The Point Piper block, in Sydney’s exclusive eastern suburbs, has changed hands several times in recent years and was once slated to be developed by convicted murderer Ron Medich.
It was sold this week to millennial tech investors Alexandra and Gabriel Jakob, with the former owner and son of Chinese billionaire Wu Li walking away with $5 million in profits.
Mr. Li’s father is Li Guoqiang, founder of one of China’s largest car dealers, Zhongsheng Group, The Sydney Morning Herald reported.
A block of vacant land covered in weeds and rubble sold for $27 million. Image: L. J. Hooker Double Bay
Medich and his ex-wife Odetta bought the property in 2003 and had previously intended to convert the vacant block into luxury apartments but abandoned the project in 2010.
He is now serving time for planning the murder of businessman Michael McGurk.
Hugh Huang, son of Shanghai shipping tycoon Shannian Huang, bought the block in 2013 for $14.35 million, tearing down the existing structure dating from the 1970s with development plans.
Instead, he sold it in 2018 for $22.5 million to Sydney to Hobart legend Jim Cooney, who steered the Comanche superyacht to multiple victories.
A block of vacant land covered in brush and debris sold for $27 million. Image: L. J. Hooker Double Bay
2/126 Wolseley Rd, Point Piper was purchased by convicted murderer Ron Medich and his ex-wife Odetta in 2003, who intended to convert the vacant block into luxury apartments but abandoned the project in 2010
Just a year later, Mr. Li paid roughly the same amount for the property, which he then kept for three years.
The new owners of the rubble-strewn lot should get along with the neighbors, considering the buyers, Mr. and Mrs. Jakob, already own a harborfront home just two doors away, sharing a driveway with the land.
The couple bought that property from former Westpac CEO Steve Harker in 2019 for a record $40 million.