The Wakils, owners of many of Sydney's mysterious derelict buildings in Pyrmont and the CBD, have begun selling off their vast property portfolio with plans to set up a major charitable foundation.

The off-market sell-off has already raised $200 million with more properties, some vacant since the 1970s, under negotiation.

The Wakils sold the Griffiths Teas building in Surry Hills for $22 million last month. Credit:Steven Siewert

In a city where housing is at a premium and areas such as Pyrmont have become rapidly gentrified, the Wakil's decision to sit on their property portfolio was controversial and provided many a squatter's opportunity.

The elderly couple had once planned to restore the portfolio of historic buildings they own. But according to Karbon Properties agent, Joshua Watts, who has handled some of the sales, the renovations "became beyond them" and Isaac and Susan Wakil, now in their late 80s, have opted to give back to Sydney in another way.