Chinese buyer gives up deposit for $20-million luxury home
The palatial Hunters Hill home of Oscar winner Cate Blanchett and her husband Andrew Upton is back on the market for $20 million just one year after it was bought by a Chinese buyer.
The historic property ‘Bulwarra’, which had undergone an extensive $8 million renovation, sold for $19.8 million last August within just three weeks of being marketed, smashing the previous suburb record of $12.85 million set in April 2015.
Ken Jacobs of Christies International, who handled the sale last year, has the listing again and confirmed that it comes with the same $20 million price tag.
It has been reported that the initial sale fell through after the buyer had issues getting their funds out of China, where legal restrictions limit individuals to moving a maximum of $US50,000 out of the country each year.
Australian banks also tightened lending assessment criteria to foreign investors earlier this year, with both factors contributing to an increased number of foreign buyers reselling properties.
However, prestige agent Lulu Pallier of Sotheby’s International said that this has predominantly been seen with off-the-plan purchases rather than top end sales, with many such buyers facing the prospect of losing the 10 per cent deposit if they cannot pay in cash or resell by settlement.
“We haven’t had any cases like that, it’s a one off (because) usually in the prestige market people do have their ways of getting their money out,” Ms Pallier said.
“I do receive calls that people want to onsell their property because there’s no money lending here, they can’t get a mortgage here and they can’t get the money out (of China) so they want to get their money back … but it’s usually (for properties) around the $1 million mark.”
Blanchett and Upton paid $10 million for the 3642sq m North Parade property in 2005, which they shared with their four children Dashiell, Roman, Ignatius and Edith.
Built in 1877 and once owned by the Arnotts family, the five-bedroom sandstone home has been transformed by architects Nadine Alwill and Stephen Lesiukto to showcase sweeping harbour views, a modern streamlined wing that includes staff quarters, gardens by Will Dangar, a pool and a riverfront tennis court.
They have since swapped Hunters Hill for the English countryside after Upton finished up as director of the Sydney Theatre Company, relocating to country manor Highwell House in Sussex, which they paid $6.25 million (£3 million) for in January, The Sunday Times reported.
By: Erin Forster
Published: August 19, 2016Tags: China, Chinese, family, historic, home, house, international, luxury, market, north, off-the-plan, prestige, property, record, renovation, sales, Sydney, views, 北岸, 悉尼房产