Chinese billionaire sells Vaucluse home for $38m after seven years without living

A trophy home in one of Sydney’s most expensive suburbs comes on the market at a staggering price after being unused for seven years.

The Werribee estate in Vaucluse was bought by Chinese food magnate Sun Shao Feng for $20 million in 2016.

Seven years later, the property is back on the market for $38 million, although it appears no one has lived in the home during its ownership.

The CEO and founder of one of China’s leading agricultural producers, China Green Holding, Mr. Shao Feng, bought the 3,330-square-foot trophy home amid a frenzy of Asian investors buying similar villas in the area.

The Vaucluse estate Werribee (pictured) comes on the market for $38 million after being bought by Chinese food tycoon Sun Shao Feng for $20 million in 2016 and hasn’t been occupied since

Neither the house nor the adjacent coach house have been used since Mr Shao Feng bought the property from the late Cementaid founder Peter Aldred, who bought it in 1961 for a then-record price for a Sydney home of £41,000.

The grounds of the 1914 house were recently maintained before being listed.

Although the house has been vacant or on maintenance for seven years, there are approved plans for a new 10 bedroom residence behind the listed facade.

The Sydney landmark property market exploded at the time of Mr Shao Feng’s takeover, capped by the purchase of James Packer’s Vaucluse mansion for a then record US$70 million by businessman Chau Chak Wing.

Billionaire Huang Bingwen’s family acquired the nearby Point Piper mansion in Altona for $61.8 million, while Richard Liu, an e-commerce billionaire, bought a nearby home for $36 million.

The 3,300-square-foot lot, which was built in 1914, was bought during a frenzy of Asian investors buying trophy homes in the area and is slated to go on the market Monday

Mr. Shao Feng started out as a bureaucrat for the Fuzhou City Government Office and established his agricultural products export empire in 1998.

17 years later, he sold the company’s beverage subsidiary to Coca-Cola for $400 million, just before buying the Vaucluse estate.

The price increase of $18 million in seven years is greater than the increase in the average home price in Vaucluse over the same period.

Mr Shao Feng’s rise is not unprecedented, however, as gold miner John Li’s Vaucluse property was sold for $16.9 million after he paid $10.9 million less than two years earlier.

The house is scheduled to go on the market on Monday.

Source: | This article originally belongs to Dailymail.co.uk