Brief
Rich Lister Robert Magid sells Point Piper mansion for about $75 million
The sale occurred as the Reserve Bank lifted the cash rate to a 15‑year high.
By Felo News Desk · Published
Property tycoon Robert Magid and his wife Ruth sold their Point Piper mansion for a figure believed to be around $75 million on Tuesday, the same day the Reserve Bank of Australia raised the cash rate to 4.6%, a 15‑year high.
The home, listed in August with an $85 million price guide, was later reduced to $75 million before selling. Michael Pallier of Sydney Sotheby’s International Realty, who handled the sale with colleague Brad Pillinger, said the price matched the latest guide but did not disclose the exact amount or the buyer’s identity.
Built as a five‑bedroom, five‑bathroom residence, the property was bought by the Magids in 1998 for $7.35 million, reportedly outbidding director George Lucas. It sits on the historic Paradis sur Mer site, once home to socialite Lady Susan Renouf.
Pallier noted multiple offers were received after the price adjustment and said the transaction “puts confidence in the market” when vendors align with market conditions.
Key facts
- Robert and Ruth Magid sold their Point Piper mansion for about $75 million. (smh.com.au)
- The sale occurred on the same day the Reserve Bank raised the cash rate to 4.6%. (smh.com.au)
- The house was originally listed for $85 million and reduced to $75 million before sale. (smh.com.au)
- The Magids bought the property in 1998 for $7.35 million. (smh.com.au)
What we don't know yet
- Exact final sale price
- Identity of the buyer
Sources
- [1] smh.com.au — originally reported as “Rich Lister sells Sydney home for about $75m as Reserve Bank hikes rates”
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