Photo: Supplied.

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.

Fairfax announced his decision to sell the property in September 2013 after it had been left vacant for many years.

Photo: kenjacobs.com.au

George Fairfax and his wife, Lena, moved into the Victorian style mansion in 1891 when it was still known as 'Elaine'.

Photo: kenjacobs.com.au

Since then, the estate has been host to a number of events and gatherings which have seen to high profile guests including politicians, businessmen, sportsmen, entertainers and dignitaries.

Photo: kenjacobs.com.au

'It was a very special site on Sydney Harbour, a beautiful, generous site. And the house was really arranged to be a sort of hub for Sydney society,' said architect Howard Tanner.

Photo: kenjacobs.com.au

The residence has seven bedrooms and seven bathrooms and even features its own ballroom and grass tennis court.

Photo: kenjacobs.com.au

It spans across 6,986 square metres and comes with 3.5m frontage on Seven Shillings Beach.

Photo: kenjacobs.com.au

The asking price of $80 million makes it the most expensive home in Australia surpassing the sale record of $70 million for La Mer.

Photo: kenjacobs.com.au

Here's a video of the property below.

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