Rich Lister sells Sydney home for about $75m as Reserve Bank hikes rates

Property tycoon and Rich Lister Robert Magid and his wife Ruth 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.

The sale on Tuesday comes as the Reserve Bank lifted the cash rate for the fourth time this year, from 4.35 per cent to 4.6 per cent.

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, as previously reported by this masthead.

Michael 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 by Star Wars director George Lucas. It has since been refurbished.

The property is also on the site of one of Sydney’s best-known landmarks, Paradis sur Mer, where the late socialite Lady Susan Renouf once lived.