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The property tycoon and his wife have sold their mansion on the same day the Reserve Bank lifted the cash rate to a 15-year high.
have sold their Point Piper mansion for a figure believed to be around $75 million on the same day the Reserve Bank hiked the cash rate to a 15-year high.from 4.35 per cent to 4.6 per cent.
Rich Lister Robert Magid and his wife Ruth have sold their Point Piper home for a figure around $75 million. The Magid family’s home first hit the market in August with a price guide of $85 million and was later reduced to $75 million, asMichael Pallier of Sydney Sotheby’s International Realty, who sold the residence alongside Pillinger’s Brad Pillinger, confirmed it sold for a figure around the latest guide but would not divulge the exact sales price nor the buyer’s identity.
However, he did say the sale puts “confidence in the market” and that when there are price adjustments and vendors willing to meet the market, properties sell. Pallier said they received multiple offers for the home after the reduced price guide.
The five-bedroom, five-bathroom house was bought by the Magids for $7.35 million in 1998 after they reportedly managed to top the interest shown byThe property is also on the site of one of Sydney’s best-known landmarks, Paradis sur Mer, where the late socialitePillinger declined to comment on the sale, the highest residential sale so for this year in Sydney. , chief executive of James Packer’s family office Consolidated Press Holdings, and his wifetook the crown for Sydney’s trophy home transactions of 2025, with a sale of their exquisite Rose Bay home.
, who paid $83.5 million in cash. , have also put their waterfront Point Piper mansion on the market with price hopes of $85 million to $90 million. It’s understood the couple are downsizing, having paid a reported figure of about $50 million for a penthouse elsewhere in Sydney’s east.
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