
The historic estate Elaine located in the luxurious Point Piper suburb has been purchased for over $70 million by 37-year-old Australian billionaire Scott Farquhar.

The sale of the extravagant mansion broke the national house price record after it sold on Friday, having previously been owned by the Fairfax family since 1891.

New owner Scott Farquhar has significantly climbed the property ladder since buying his first home in 2006 for $1.41 million - a two-bedroom home in Prymont where he currently resides.

Estate Elaine in Sydney's lavish Point Piper sold for over $70 million to Australian billionaire Scott Farquhar

The 37-year-old (pictured) new home owner is the co-founder of software company Altassian that he started off $10,000 credit card debt

Sold late Friday the luxurious property had been in the Fairfax family since 1891 and was an 'emotional day'

Mr Farquhar co-founded the software company Atlassian with his university friend Mike Cannon-Brookes in 2002 using $10,000 in credit card debt.

The business duo made their first entry onto the BRW Young Rich List in 2007 and nine years later, in 2016, topped the list with a combined net worth of $4.6 billion.

Today their software is utilised by more than 51,000 large and small organizations including NASA, Tesla and SpaceX as customers and employ's over 950 staff.

'We're thrilled with the purchase and honoured to take over the Elaine estate in its entirety from the Fairfax family,' Mr Farquhar told Domain.

Having first appeared on the BRW Young Rich List in 2007 Scott Farquhar and business partner Mike Cannon-Brookes topped the rich list in 2016 with a combined wealth of $4.6 billion

The property was sold by agent Ken Jacobs who also sold James Packer's former mansion for $70 million

Boasting a vast 6986-square-metre estate the Seven Shillings Beach home set a new national price record

History of Scott Farquhar fortune: Farquhar was born in 1979 in Sydney He graduated from the University of New South Wales, with a Bachelor of Arts and Bachelor of Science In 2002 Farquhar and university mate Mike Cannon-Brookes founded Altassian with a start-up of $10,000 of credit card debt The same year the duo released their first product - Jira, a project and issue tracker. In 2004 they released Confluence, a collaboration network that allows users work together on projects, co-create content and share documents. In 2004 Canon and Farquhar were awarded Australian IT Professional of the Year In 2006 the pair won the Australian Entrepreneur of the Year award In July 2010, Atlassian raised $60 million in venture capital from Accel Partners In 2013 his net worth was estimated $A250 million By 2016 his net worth soared to an estimated $1.75bn according to Forbes Today has a net worth of $2.4 billion Advertisement

'It would have been a great loss to see this rare property sold to developers and carved up. When we heard of the plans, we just couldn't let this beautiful piece of Australian history be turned into a development site.'

Mr Farquhar and his wife, Kim Jackson, are looking forward to raising their family in a place that holds a great sense of nostalgia with the property having been home to generations of an iconic Australian family, he said.

Former owner John Breher Fairfax said the sale was an 'emotional day'.

'I sold a home that has been in the Fairfax family since 1891. I am delighted it is being purchased in one line by an Australian family,' he said.

The sale of the 1863-built mansion ends 126 years of Fairfax ownership after the home was bought by Geoffrey Evan Fairfax in 1891 for £2100.

Members of the Fairfax family were renowned media moguls who established Fairfax media who own a significant portion of radio, online and print media across Australia and New Zealand.

Mr Fairfax sold the last of his stake in Fairfax media, 9.7 per cent, for $189 million in 2011.

In September 2013, after no one from his family had lived in the property for over 20 years, he announced his decision to sell the cherished property.

Boasting a beautiful harbour view and situated on Seven Shillings Beach, listing agent Ken Jacobs, of Christie's international also sold the property that held the previous number one house price record.

Mr Jacobs sold the Vaucluse mansion La Mer, on behalf of James and Erica Packer, to Chau Chak Wing - a Chinese businessman - for $70 million in 2015.

The sales comes after three years on the market and is renowned as one of the most 'significant' properties in Australia.



New owner Scott Farquhar bought his first home in 2006 for $1.41 million - a two-bedroom home in Prymont where he currently resides.

Mr Farquhar said he and wife, Kim Jackson, are looking forward to raising their family in a home that holds a great sense of nostalgia to it