Sitting on 6,859 sqm Elaine is one of the eastern suburbs largest landholdings. In 2017 The Fairfax Family sold the property to technology billionaire Scott Farquhar for $70 million. In 2024 Farquhar has sold it for $130 million. It was bought in 1891 by the Fairfax's for £2,100.
The land can be subdivided and is zoned R3 medium density residential which means apartments could be approved to be constructed on the land.
The sale would be accompanied with $9 million in stamp duty....
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