A waterfront mansion in Sydney, Australia, owned by a Singaporean tycoon will be listed next week for A$70 million (US$55.11 million).
CK Ow, a luxury property developer, bought the house for a little over A$7 million (US$5.51 million) nearly 23 years ago, according to a representative for brokerage Ray White Double Bay, who is handling the sale. If the house sells for its asking price, Mr. Ow is set to make a 900% profit.
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"It’s more than just a waterside home, it’s a seaside resort self-sufficient with all country club amenities," Mr. Ow said in a statement, adding that he doesn’t get to spend enough time at the property due to travelling.
The six-bedroom house in the Eastern Sydney suburb of Vaucluse has six bathrooms, a pool, a championship-sized tennis court, Sydney harbor views, a library, a study, a gym, a three-car garage, a jetty and its own English pub.
"There is nothing like it on the market at all or on Sydney Harbour for that matter," listing broker Craig Pontey told Mansion Global via email. "It’s also nearly impossible to get an acre of land around the harbour in Sydney. There’s only a handful of homes like it both on the Lower North Shore and Eastern Suburbs."
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The current Australian sales record is held by an estate called Elaine in the affluent Sydney suburb of Point Piper that sold in April for A$71 million (US$55.83 million), Mr. Pontey said.
"What we have on offer is a true deep waterfront access home on an nearly an acre of land in Vaucluse, so we are expecting it could be the next Australian record," Mr. Pontey said.