A 27-year-old Chinese property mogul has splashed out on a $52 million mansion with views of Sydney Harbour.
Shangjin Lin, known also as Jim, made the off-market purchase on the waterfront trophy home Villa Igiea after six months of property hunting in Sydney’s exclusive suburbs, Domain reports.
The 1920s mansion in Vaucluse will potentially take second place on Sydney’s record sales list behind the $70 million sale of James and Erica Packer’s nearby home last year.
Mr. Lin recently graduated from Macquarie University and is thAqualand – a property development and investment company.
The company is a subsidiary of China-based developer Shenglong, which is owned by Mr Lin’s father, Yi Lin, who was named as China’s 92nd richest person last year.
Mr Lin started working for Shenglong in 2007 before creating Aqualand in 2014. Since then, he has headed more than $600 million of redevelopment purchases.READ ALSO – Dubai Real Estate Sales Hit AED225 Billion In 2015
His latest million dollar Villa Igiea purchase is reportedly set to be his permanent home with his wife a baby.
The couple are not expected to move into the five bedroom home straight away as it is booked up with holiday rentals for several months.
Villa Igiea has, until now, been a popular choice among celebrities for short term stays in Sydney.
Angelina Jolie and Brad Pitt stayed at the harbour-side mansion with their six children in 2013 while she was in Sydney directing her film Unbroken.
Katy Perry, Fleetwood Mac’s Stevie Nicks and Beyonce and JayZ have also stayed at the property.
Before becoming a popular holiday rental, Villa Igiea was the long-time home of the late TNT transport tycoon Sir Peter Abeles, which he bought for $450,000 in 1970.
It was sold to the McWilliam family in 2001 for $12.1 million after Sir Abeles died.
Investment banker Wayne Burt purchased the property for $17,374,000 in 2005 and started renting it out in 2012 after he and his wife moved overseas.