Real Estate Super Sales: Craig-y-Mor (1988)

As my collection of media clippings has grown, I have also managed to obtain a few articles relating to house sales at the top of the Sydney housing market or sales that may be of interest.

In 2021, Australia's most expensive dwelling is:

• Located in Sydney
• Located at Barangaroo
• Under Construction
• An apartment

The apartment is a penthouse in the One Sydney Harbour complex at the top of its tallest tower nearly 250 metres above street level with views that are unlikely to never be built out including the Sydney Harbour Bridge and Sydney Opera House. 

To own the penthouse, the buyer paid $140 million. 

Source: Anon. 1988. "$12.3m for harbourside home". The Daily Telegraph, March 8: 3. 

In 1988, Sydney's property market as in 2021 was booming. That year Point Piper Mansion, Craig-y-Mor was sold for an then Australian record at the time - $12.3 million, which is less than one-tenth of the price paid to purchase the most expensive home in Australia today. 

The buyer was the Gary Rothwell of the Winten Property Group.

The estate covered 2600sq/m of land, which was subdivided. The mansion was sold for $7.14 million to Chris Corrigan and his wife Valerie in 1991.

A decade later (2001), stockbroker Rene Rivkin and his wife purchased it from Corrigan for $10.7 million. Three years later, Rivkin sold it to businessman Ben Tilley for $16.15 million.

Just four years later, the mansion set another record for the sale of a home in Australia, sold for $32.4 million to former Chinese vice-president Zeng​ Qinghong​, and wife Jiang Mei. Ownership was transfered to their son Zeng Wei in 2015.

Craig-y-Mor was demolished in 2014 and was replaced by a new four storey residence.