Now that Mr Farquhar has grabbed the east — and Australia’s — most valuable prize, he’s set for a local hero’s welcome. While some of the upstairs rooms had been styled for marketing photos, exposing the derelict rooms on the lower level would not have assisted a sale. “The property’s appeal reflects its unquestionable position as Australia’s most revered and significant home. In May of that year, it was announced that a buyer — even a foreigner — could snap up the two harbour-front blocks with development approval for two designer residences where you can actually “own” the beach for $25 million and $27.5 million apiece.

The house, built in 1863, has seven bedrooms and five bathrooms but needs a renovation (see right), having last been updated in the 1950s. It’s been the long awaited Double Bay offering of the late Lady (Mary) Fairfax, who died last September. Beyond its grand foyer, stairs lead down to poky flats in the lower level. On the weekend he, with his investment banker wife Kim Jackson, released a statement: “We’re thrilled with the purchase and honoured to take over the Elaine estate from the Fairfax family.

“The significance is much broader than just the buildings, it relates to the house, ground and interiors,” Mr Coker said. Where indicated, third parties have written and supplied the content and we are not responsible for it.

But it looked like nobody wanted it — because of the house that had to stay on the prime waterfront site of almost 7000 square metres. For 20 years Fairwater was not expected to be sold after a report cited plans by Lady Fairfax to bequeath it to the people of NSW, but that report was never confirmed and the executors listed it with Ken Jacobs, of Christie’s International, earlier this month. The deal effectively passes the neighbouring trophy estates on 1.82 hectares to the 38-year-old tech billionaires and co-founders of Australia’s biggest tech success story, Atlassian. The house is in better condition than next door, and it has often been referred to as likely to fetch more than Elaine. Among the questions we’d hoped for answers, were: What were his first impressions of the tired old house; will he be proceeding with the approved plans by John Rose to overhaul the house; will he do something different with it; and when will he and his young family be moving in? Where indicated, third parties have written and supplied the content and we are not responsible for it.

Woollahra Council was never going to agree to a date with the bulldozer for the grand old dame, Elaine. by the Fairfax family’s Elaine estate next door sold by Jacobs to tech billionaire Scott Farquhar, co-founder of the software giant Atlassian. Lady Mary Fairfax’s property ‘Fairwater’ is on the market.