Australia's most expensive home is on the market for a record $80 million

Australia’s most expensive home is on sale for $80 million.

The historic residence, Elaine Gardens, is located in Point Piper and spans across 6,986 square metres, featuring seven bedrooms and seven bathrooms.

The waterfront estate has been owned by the Fairfax media family over four generations for the past 125 years after it was bought in 1891 for $4311 AUD by Geoffrey Evan Fairfax, Domain reports.

Since then, it has played host to a number of social events gathering high profile politicians, dignitaries, entertainers and businessmen.

“Home for more than 120 years to the Fairfax family, one of Australia’s great media dynasties, this magnificent holding is the essence of old Sydney – a time when sweeping estates lined the harbour foreshore and provided the setting for many of the country’s most important and fascinating events,” says Christie’s International agent Ken Jacobs.

The record asking price surpasses the $70 million sale price for Vaucluse mansion, La Mer, which was home to billionaire James Packer and his former wife Erica.

It is currently being listed with Christie’s International and has been granted approval by the DA to be divided into four separate residences and is also currently open to foreign buyers. Potential purchasers have been given the option to buy the entire estate or to acquire one of the individual home sites.

Here’s a closer look inside the exclusive residence.

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