There are really no ceilings for some people, both metaphorical and literal. Known developer of hotels and cosmetic surgeon, Jerry Schwartz, has just traded in his Vaucluse waterfront home for a, well, different Vaucluse home. The defining difference? This new one with worth $67 million, and was owned by Singaporean tycoon slash fellow property developer, Chio Kiat Ow.
This upgrade comes but a mere two years after Schwartz’s purchase of his former Loch Maree estate. An estate initially purchased for $24 million. And only months since the completion of reportedly significant renovations. The Loch Maree estate will now be hitting the market at an increased value of $32 million. As the dust only really starts to settle now, Schwartz and his family are moving on into their new Phoenix Acres estate. Upward mobility is the name of the game.
Ow bought the 3700 square metre estate in 1995 for a comparatively meagre $7,001,000 (why the extra $1000, we’ll never know). The reason for his sale of this property essentially comes down to a lack of use. As detailed in the listing from October, Ow quote “… does not spend sufficient time [in Sydney] to enjoy this jewel of a property…” has his travels “… takes [him] to many other, far reaches of the world.” Must be nice to have these kinds of problems.
This sale and acquisition of Phoenix Acres stands to be the second highest of 2017, and pushes Sydney’s trophy home market to an unprecedented all-time high of $600 million in terms of deals in the top twenty sales.