La Mer sale sets new record price for an Australian residential property

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The record price for an Australian residential property has been smashed after the sale of a Vaucluse mansion this week.

Gambling mogul James Packer and his former wife Erica made Australian real estate history with the sale of La Mer, a six-storey mega mansion on Vaucluse’s Wentworth Road for around $70 million.

The sale of Le Mar easily tops the previous record price for an Australian residential sale, which sat at $57.5 million after the 2009 sale of a Perth mansion by mining heiress Angela Bennett.

The previous Sydney residential record was $52 million after Chinese businessman Wang Zhijun purchased Altona, a waterfront Point Piper mansion, in 2013.

According to Fairfax Media, the sale is part of the Packer’s divorce settlement and while the price tag is certainly a record, it won’t be delivering any capital windfall.

Le Mar sits on a 3300 square metre parcel of land formed after the Packers reportedly spent around $29 million on three neighbouring properties between 2009 and 2010.

The building costs for the mansion are estimated to be around another $40 million.

A spokesman for Mr Packer told Fairfax Media the property had been sold to a local buyer
 

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