Described as the “priceless jewel of Sydney real estate,” Sydney’s largest privately owned harbourfront estate could soon be redeveloped. 

Owners of the 6,900 square metre Elaine estate in Point Piper, the Fairfax family have recently submitted a development application to Wollahra Council that if approved would allow the property to be split into four different properties. 

According to Domain, the plans submitted to the council include an application for two new mansions and alterations and additions to two existing dwellings.

According to the plans, which have been put together by Tanner Kibble Denton Architects, the two new mansions would sit on 2000 square metre lots fronting Seven Shillings Beach. 

The estate has been in the Fairfax family since 1891 and has been on the market since late 2013 after John B. Fairfax made the decision to sell the property. 

Listed with Double Bay luxury property agents, Christie’s International Real Estate, there is no price guide for the property, which features a Victorian mansion with seven bedrooms, five bathrooms, a ballroom and numerous balconies as well as tennis courts, stables and large gardens, but offers of up to $67 million have reportedly been made in the past.

Selling agent Ken Jacobs said the development application would make the property more attractive to buyers looking keep it in one line. 

"The greatest value of the estate is maintaining the property in one line, as the site is unrepeatable," Jacobs told Domain.

"Several one-line buyers have been lost because of uncertainty regarding the ability to create a home worthy of the site.

"The development application Mr Fairfax has submitted actually increases the likelihood of selling in one line as it proves the flexibility to build on the site."