Uber luxurious Edgewater trophy home grabbed for $95 million

Summary

• One of the most expensive residential properties 'Edgewater' at Point Piper has been reportedly sold for $95 million.
• Media reports claim the waterfront trophy property is sold to a gold mining businessman "John" Changjin Li.
• The deal is considered as the second-highest house sale in the country.

One of the most expensive residential properties known as Edgewater is believed to be bought by the gold mining businessman "John" Changjin Li. The new buyer is believed to have purchased the waterfront trophy property for about $95 million.

The waterfront mansion is located in Sydney's prestigious Point Piper area.

The property is owned by the females’ clothing brand Katies co-founders, Joe Brender and his wife, Gerda, along with Sam Moss, the family of their late business partner,

Two families bought the property for $5million in 1985 from showbiz entrepreneur Michael Edgley and his wife Jeni. According to the media reports, they have sold the property to the 57-year old businessman from China's Jiangxi province. The new owner is believed ti turn the two-apartment residence into one residence and live there as well.

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The property offers views of the Harbour Bridge and Opera House from its 40 metres of harbour frontage. It is one of the most sought-after spots in Point Piper.

The details of the agreement are not apparent, but it is believed that the deal was fixed only last week after a long period of negotiations and also the settlement will not take place until 2022.

It is not known if the property will be in Mr Li's name as he is linked to various properties which are not registered on his name.

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About the legendary mansion:

The most desired Edgewater was built in the 1980s by a successful Australian event producer and showbiz entrepreneur Michael Edgley and his then-wife Jeni. Edgley was one of the biggest names in the entertainment industry in the 1970s and '80s. He created Royal Ballet, Torvill and Dean, Evita, Ike and Tina Turner, Billy Joel and produced films like The Man From Snowy River and Phar Lap.

The top floor area of the then substantial 240-square contemporary styled mansion was Edgley's office. It showcased portraits and awards of the celebrities Edgley toured with, including John Denver, Rudolf Nureyev, Marcel Marceau and also his Moscow Circus Performers.

The couple sold the mansion in 1985 for $5 million to the co-founders of Katies Joe Brender and the late Sam Moss. Soon after the purchase, Moss and Brender families split the mansion into two and converted the priced waterfront residence into separate apartments.

Architect Stephen Gergely turned the contemporary mansion into two apartments. Brender resided in the top half of the four-level building, whereas Moss claimed the downstairs apartment. The total area is 1800-spare-metre and boasts one of the Point Piper's few harbourfront tennis courts.

Moss's apartment was previously offered as a $6,000 a week rental. There is also an entertainment level with a kitchen which is shared by both families and even an indoor pool. Each of the levels also features floor-to-ceiling glass walls overlooking Sydney Harbour.

It is said that the sale price will be divided equally between the two apartments. Each apartment is worth $47.5 million.

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About Brender and Moss families:

Joe Brender and Sam Moss had a unique partnership for over a half-century. Moss died in 2016 at the age of 60. As the owners of the textile group named Brenmoss Holdings, Moss and Brender were on the BRW Rich List in the late 1980s. Their then-estimated net worth was $115 million. Much of it was because of their sale of Katies to Coles Myer in 1984. They owned 70 % of Australia's fabric, bedlinen, and clothing manufacturing industry by the 1990s.

The duo were not just business partners and Point Piper waterfront duplex home co-owners, but they both were highly regarded as pillars of Sydney's Jewish community. They were known for their philanthropic work such as the contribution they made to schools and Tel Aviv University. There Brender and Moss received honorary doctorates as well.

Brender's wife Gerda Brender and Moss' son, businessman Steven Moss have not commented on the property sale news as yet.

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About highest residential sale in the country:

The Atlassian billionaire software tycoon Mike Cannon-Brookes and his wife, Annie paid a record AU$100 million prices in 2018 for a house in Fairwater. Both of them reportedly recently purchased the former mansion of Jennifer Hawkins and Jake Wall for a record $24.5 million in the Northern Beaches. Mike Cannon-Brookes is a tech billionaire with net worth of US$1,110 crores.

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