House in Vaucluse sold for $38 million by Chinese billionaire after not living there for seven years
Trophy mansion bought by a Chinese billionaire for $20 million that was unloved and uninhabited for seven years returns to the market with a $38 million price tag
- Estate Vaucluse untouched for seven years
- Expected to be on the market Monday
A prize house in one of Sydney’s most expensive suburbs is coming onto the market for a staggering price after being unused for seven years.
The Werribee estate in Vaucluse was purchased in 2016 by Chinese food magnate Sun Shao Feng for $20 million.
Seven years later, the property is back on the market for $38 million, despite no one appearing to have lived in the home during its ownership.
The CEO and founder of one of China’s leading agricultural producers, China Green Holding, Mr. Shao Feng, bought the 3,330-square-foot trophy house amid a wave of Asian investors purchasing similar mansions in the area.
The Vaucluse estate, Werribee (pictured), goes on the market for $38 million after it was bought for $20 million by Chinese food tycoon Sun Shao Feng in 2016 and has not been inhabited since
Neither the house nor the adjoining coach house have been used since Mr Shao Feng bought the property from the late founder of Cementaid, Peter Aldred, who bought it in 1961 for a record Sydney home price of £41,000.
The grounds of the 1914 home have been recently maintained in the run-up to its listing.
Although the house has been unoccupied or maintained for seven years, it comes with approved plans for a new 10-bedroom home behind the Grade II listed facade.
Sydney’s signature property market exploded at the time of the acquisition of Mr. Shao Feng, topped by businessman Chau Chak Wing who bought the Vaucluse mansion from James Packer for a then-record $70 million.
Billionaire Huang Bingwen’s family bought the nearby mansion of Point Piper, Altona, for $61.8 million, while Richard Liu, an e-commerce billionaire, bought a house nearby for $36 million.
The 3,300-square-foot property, built in 1914, was bought during a frenzy of Asian investors buying trophy homes in the area and will go on the market Monday.
Starting as a bureaucrat for the Fuzhou City Government Office, Mr. Shao Feng founded his agricultural export empire in 1998.
He would then sell the company’s liquor subsidiary to Coca-Cola for $400 million 17 years later, just before purchasing the Vaucluse estate.
The $18 million price increase over seven years is greater than the increase in the average house price in Vaucluse over the same period.
Mr. Shao Feng’s rise is not unprecedented, however, with gold mining businessmen John Li’s property in Vaucluse selling for $16.9 million after paying $10.9 million less than two years earlier.
The The Sydney Morning Herald house expects Mr. Shao Feng’s agent, Steven Chen, to put the house on the market on Monday.