Wei Patrick Shi, CEO of Acce Investments Group, has been identified as the buyer of Sydney's historic Elaine estate in a record-matching $130 million deal. The waterfront property, spanning 6,986 square meters in Sydney's eastern suburbs, was previously owned by Atlassian co-founder Scott Farquhar and investment banker Kim Jackson. The heritage-listed estate, which offers direct access to Seven Shillings Beach, holds significant development potential with analysts suggesting subdivided blocks could yield returns exceeding $200 million. The transaction reflects growing confidence in Sydney's ultra-luxury property market.
Highlights
- Wei Patrick Shi, CEO of Acce Investments Group, has been identified as the buyer of Sydney's historic Elaine estate.
- The landmark property transaction set a national record at $130 million for the waterfront estate in Sydney's eastern suburbs.
- The 6,986-square-meter heritage-listed property was purchased from Atlassian co-founder Scott Farquhar and Kim Jackson.
- The estate offers direct access to Seven Shillings Beach and potential returns exceeding $200 million through strategic subdivision.
- The sale equals the previous record set by UIG Lodge in 2022, demonstrating continued strength in Sydney's ultra-luxury market.
While Sydney's luxury real estate market continues to make headlines, the mystery buyer behind Australia's joint-record $130 million purchase of the historic Elaine estate has been revealed as Wei Patrick Shi, CEO of Acce Investments Group. The landmark transaction matches the national property valuation record and reflects the robust market trends in Australia's high-end real estate sector, where waterfront properties continue to command premium prices.
Sources familiar with the deal indicate that Shi, who initially sought a property in the $100 million range, leads a consortium of investors in the purchase. The historic estate, previously owned by Atlassian co-founder Scott Farquhar and investment banker Kim Jackson, spans an impressive 6,986 square meters of prime waterfront land in Sydney's exclusive eastern suburbs.
The sale of Elaine carries particular significance due to its heritage-listed status and development potential. Industry experts suggest that strategic subdivision of the property could yield returns exceeding $200 million, with individual blocks potentially worth approximately $40 million each. The property's north-facing aspect and direct access to Seven Shillings Beach further enhance its appeal to high-net-worth investors.
Farquhar and Jackson's decision to sell Elaine coincides with their acquisition of UIG Lodge for an identical sum of $130 million in 2022, demonstrating the continued strength of Sydney's ultra-luxury property market. The minimal styling approach to the sale, with only select rooms prepared for viewing, suggests confidence in the property's inherent value and appeal.
The transaction follows a pattern of record-breaking sales in Sydney's premium real estate sector, including the nearby Fairwater estate's $100 million sale in 2018. Market analysts note that Shi's role may be more aligned with deal-making than end-user ownership, reflecting the increasingly sophisticated nature of high-value property transactions in Australia.
The sale of Elaine represents not only a significant milestone in Australian real estate history but also signals continued investor confidence in premium waterfront properties.