Sydney Fairfax mansion may set price record

Elaine, a 6,980-square-metre (75,132-square-feet) Sydney harborfront estate owned by the Fairfax publishing family, is being offered for A$75 million ($53 million) to A$80 million after approval for it to be carved up into four separate residences, the Sydney Morning Herald reported on its website.

At that price, it would become Australia's most expensive home, topping the A$70-million record set in August for the Vaucluse hillside mansion of casino mogul James Packer and his former wife, Erica.

The property is being marketed as Elaine Gardens following local council approval for four separate titles, including two beachfront blocks, according to the newspaper report.

The estate would not be sold off piecemeal but collective offers on the separate titles would be appraised, Ken Jacobs of Christie's International was quoted in the report as saying. The sale of the historic property that has been vacant for years was announced in September 2013.