EXCLUSIVE
Singaporean tycoon Chio Kiat Ow has clocked up the third highest house price in Australia for close to $67 million, making it one of the fastest marketing campaigns for a trophy home.
In a nod to the real estate adage that first offers are often the best, the deal was struck with a local buyer on Sunday just eight weeks after it hit the market.
Industry sources say the agreed price is close to $67 million.
Exclusive listing agent Craig Pontey, of Ray White Double Bay, declined to reveal the sale price, but said he "could confirm that contracts have now exchanged for a record price making it the highest residential waterfront sale of all time".
Phoenix Acres was listed in October with hopes of matching the $71 million national high set by sale of the Point Piper estate Elaine in April or the 2015 sale of the Vaucluse mansion La Mer for $70 million by casino mogul James Packer and his former wife Erica.
C.K. Ow's sale is being billed a national waterfront record because Elaine is set on absolute beachfront and La Mer is a non-waterfront.
"Opulent homes like this traditionally take 12 months or longer to sell, but in this instance we had a number of cash buyers keen to do a deal before Christmas," Mr Pontey said.
Sydney's high-end market has seen prices soar in recent years since the Packers sold La Mer to Chinese-Australian billionaire Chao Chak Wing. At the time the result was 34 per cent higher than the $52 million record paid for the Point Piper mansion Altona.Related: Scott Farquhar smashes $70 million record
"I had interested buyers fly in from all over China and the United States to have a look at Phoenix Acres," Mr Pontey said. "I had interest from India too, but in the end it was a local family who will move in and love this home."
The deal rounds off what was already the best performing year in Sydney's trophy home market, totalling $600 million in the top 20 sales of 2017.
C.K. Ow, chairman of luxury hotel, commercial and retail property developer Stamford Land Corporation, bought the 3700 square metre property in 1995 for $7,001,000 when it was sold under instruction from the mortgagee.
The six-bedroom, six-bathroom residence comes with formal and informal living areas, library, study, gym, traditional English-style pub, a boathouse, swimming pool and tennis court.
The site was originally a public park with a wharf and ferry service to Circular Quay before publisher Ezra Norton built his waterfront mansion, known as Albemere, in 1966.
