Is this Australia’s most expensive pile of rubble? Vacant block on Sydney Harbour hits the market
<p>A mystery owner of an abandoned lot in one of the most expensive streets in Australia, has hit the market for $25 million - only seven months after it was sold for $22.5 million. </p>
<p>The vacant block of land is part of a residential street that might just be one of the most exclusive in the world, on 42 Wolseley Road, Point Piper. </p>
<p>Just stretching 740 square metres - no bigger than three tennis courts - the property has changed hands eight times in the last 20 years. </p>
<p>Before the mysterious proprietor took ownership, their were a number of high profile buyers including Hugh Huang, son of Chinese shipping magnate <em>Shannian Huang, </em> who purchased it from<em> Sydney FC</em> chairman, Scott Barlow for $14.35 million in 2013. </p>
<p>Before abruptly abandoning the plan to rebuild a new mansion, Huang knocked down the original 1970’s built home. He went on to sell the slab of land for $22.5 million to an unknown buyer, who put the home under his accountant, Peter Wyer. </p>
<p>The buyer added a U-turn and then put it back on the market, and is asking for the original purchase price back -plus a $1.5 million stamp duty, and a $1 million profit. </p>
<p>Selling agent Bill Malouf of LJ Hooker Double Bay told<span> </span><em><a rel="noopener" href="https://www.dailymail.co.uk/news/article-7351295/Australias-expensive-pile-rubble-goes-sale-25million.html" target="_blank">The Daily Mail</a></em><span> </span>the property was “a bargain”. </p>
<p>“You’re not going to get on this street under this sort of money.” </p>
<p>Mr Malouf said if he had been selling a newly built home on the slame block of land, it would go for a much higher price. </p>
<p>“You’d have to say the median price of Wolseley Road is in excess of $40 million,” he said.</p>
<p>“You don’t even get a look in on the waterfront side for less than $40 million plus. Everyone considers Wolseley Road as the most expensive street in Australia and it is. </p>
<p>“We’ve got stuff down there that we’ve sold at $60 million and above, so this is an attractive purchase. There are properties there worth $100 million plus.”</p>
<p>Other former owners of the property include hotelier Damien Reed, wholesaler Look Sharp co-founders Rosena and Eddie Yip and Bushells Tea heir Amber Pavlik. </p>
<p>The luxurious Wolseley Road is home to the likes of Aussie Home Loans founder John Symond, Westfield chairman Frank Lowy and Hungry Jack’s owner Jack Cowin.</p>
<p>Scroll through the gallery above to see the home. </p>
