A vacant harborside plot littered with nothing but rubbish and rubble – with links to one of Sydney’s most notorious murders – has sold for a staggering $27million.
The Eastern Suburbs block, which has had multiple owners over the past decade, was once owned by former developer Ron Medich, who is in jail after being convicted of ordering the 2009 contract killing of Michael McGurk.
According to reportsthe 740 m² block was sold last week.
It sits right on the waters edge on some of the world’s richest real estate on Wolseley Rd, Point Piper.
The block offers stunning views of the Harbor Bridge, Sydney Opera House and the CBD skyline.
It was bought by millennial tech investors Alexandra and Gabriel Jakob, the former owner and son of Chinese billionaire Wu Li walking away with $5 million in profits.
Mr Li’s father, Li Guoqiang, is the founder of one of China’s largest car dealerships, Zhongsheng Group, it was learned.
The almost forgotten treasure trove of land had little more than a few trees since it was originally slated for development, when the dwelling there, which dates back to the 1970s, was bulldozed.
Steps had been taken to begin development on the location more recently with the land cleared, but it has remained vacant and undisturbed ever since.
The son of Shanghai shipping tycoon Shannian Huang, Hugh Huang, bought the block in 2013 for $14.35 million.
He flipped what was there, with development plans before selling the land five years ago for $22.5million in Sydney to Hobart yachtsman Jim Cooney, who won the revered race several times occasions.
Li bought the property for roughly the same amount.
The vacant lot sits along the water of Edgewater, the incredible waterfront mansion that sold in 2020, for $95 million, the second-highest price ever paid for a home in Australia.
Originally published as Vacant Point Piper land with ties to criminal Ron Medich sells for $27 million