27-year-old Chinese university graduate bought Vaucluse trophy home
11 Jan 2016
MACQUARIE University Chinese graduate Shangjin Lin has inspired envy among Sydneysiders by snapping up one of the most exclusive properties to hit the market in years.
The 1920s Sicilian-style Villa Igiea boasts gun-barrel views of Sydney Harbour, and in the past few years has come to be known as one of the city’s most exclusive short-term rentals — at a tidy $70,000 a week.
Mr Lin became its new owner in the new year, sealing the $52.5 million deal in a private treaty with Austar Communications founder Dr Wayne Burt, according to Fairfax.
That was the second highest price paid for an Australian property in 2015, after the $70 million sale of nearby La Mer, the former Packer estate.
Mr Lin reportedly spent six months hunting for the perfect abode for his young family, and plans to move in once its remaining holiday bookings have run their course.
Far from your average university graduate, Mr Lin — who goes by the nickname “Jin”— is a member of one of the world’s most powerful families.
Hailing from Shanghai, the Lins run their Shenglong global property development empire from offices in Sydney and throughout Asia, Europe, the United Kingdom and North America.
Patriarch Yi Lin was last year named as China’s 92nd richest person on the 2015 Hurun Rich List, with a net worth of $4.6 billion ($US3.3 billion).
Property developer Jin Lin is following in his father’s footsteps. Jin Lin’s mother Yunhui Lin reportedly set a new record for the suburb of Waverton, on Sydney’s north shore, when she paid $8.5 million for a property there in 2010.
It was previously home to the late TNT transport tycoon Sir Peter Abeles and Lady Kitty Abeles, then more recently occupied by billionaire Netscape founder Jim Clark and his wife Kristy.
The young Mr Lin also owns Gleneagle, a 40-hectare farm at Mittagong in the Southern Highlands, bought in 2011 for $7.15 million.The main house on the property was architecturally designed in the style of an Alpine lodge.
Built in 2001, it has four bedrooms and an open-plan interior with fire places, timber and granite finishings that give it a “cosy ski chalet” feel.
A separate office building, half-size tennis court, chicken coop, pool and spa room are also part of the estate, which sits 830 metres above sea level and overlooks a 75,000-hectare National Park.