$32 million Sydney home avoids demolition ball…for now


Point Piper's Craig-y-mor set an Australian record of $32.4 million

Craig-y-mor is the non-water-front house at Sydney’s Point Piper which was sold by Ben Tilley for an Australian record of $32.4 million in March 2008. Tilley bought the imposing Wolseley road mansion for $16.15 million from the late stockbroker Rene Rivkin in 2004.

The new owners of Craig-y-mor, Zeng Wei and his wife, is a wealthy Chinese couple with connections to the former vice-president Zeng Qinghong, who is known in China as the most important organiser behind a loose faction of “princelings” – children from leading revolutionary families, and is rumoured to have brokered a deal for Xi Jinping to be the next president of China.

Since acquiring the property in 2008, the couple has submitted plans to the Woollahra Council on three occasions for the demolition and construction of a new home which was estimated to cost a mere $5 million.

Craig-y-Mor planned design

Craig-y-Mor planned design by architect Stephen Gergely

The Woollahra Council last night has refused to approved the owners’ plans for the demolition and construction of the new home and they will now make an appeal to the Land and Environment Court.

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