A 27-Year-Old Walks Into The Sydney Property Market And Drops $52M

While you were over there trying to get your foot in the door of the property market, a 27-year-old real estate mogul was busy laying down a cool $52 million for a five-bedroom mansion in Vaucluse
Domain report that property developer “Jim” Shangjin Lin, managing director of major property development firm Aqualand, bought the 1920s-era Villa Igiea after six months or so of house hunting. 
The property, which is situated right on the water and has a view of the Sydney Harbour Bridge, was built in the 1920s for the Grace retailing family, and in recent times, has served as a temporary rental for well-heeled individuals.
Brad Pitt and Angelina Jolie lived there with their children in 2013, while the likes of Katy Perry, Beyoncé and Jay-Z and Stevie Nicks have all paid serious $$$ to stay there in recent times.
Lin is reportedly planning to move into the house with his wife and newborn baby in a few months, when the last rental tenants have left.
Even at $52 million, it’s not the most expensive house in the area – that would be James Packer‘s vast, six-storey mansion La Mer, which recently sold to Chinese billionaire for Chau Chak Wing for $70 million.
La Mer took three years to construct, but Packer and his wife Erica Baxter had barely moved in when they announced their divorce two years ago, leaving the property vacant. 
The property is an amalgamation of three hillside blocks, and its six-bedroom main residence includes underground parking for 20 cars, and two separate, self-contained staff quarters under the garden and lap pool.
Per Domain, Baxter hated the house and said living there was like living in a shopping centre. It was sold off the market as per the terms of the divorce, and the $70m sale price was only just enough for Packer to recoup costs.
And so, the Sydney property market rolls on.

Story: Domain