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.
Rich Lister Robert Magid and his wife Ruth have sold their Point Piper home for a figure around $75 million. 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.
Robert Magid at the Point Piper mansion. Louie DouvisPallier 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 first hit the market in August with a price guide of $85 million and was later reduced to $75 million. AdvertisementThe 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.
Pillinger declined to comment on the sale, the highest residential sale so far this year in Sydney.
Magid, the founder of TMG Developments, has an estimated wealth of $907 million, according to The Australian Financial Review’s 2026 Rich List.
Billionaire Neville Crichton and his wife, Nadi, are also offloading this Point Piper mansion. AdvertisementLawrence Myers, chief executive of James Packer’s family office Consolidated Press Holdings, and his wife Sylvia took the crown for Sydney’s trophy home transactions of 2025, with a sale of their exquisite Rose Bay home.
They sold to Alex Birkenstock, heir of German cult sandal brand Birkenstock, and his wife Vanessa, who paid $83.5 million in cash.
Listing agents Steven Chen of The Agency and Pillinger’s Brad Pillinger declined to comment on the sale. Buyers’ agent Simon Cohen of Cohen Handler is thought to have represented the buyer, and also declined to comment.
The highest residential sale for Sydney in 2025 was $83.5 million, when Alex Birkenstock paid the figure in cash for this Rose Bay home. Also, last year, Millennial multimillionaire Yan Zhang became the owner of Australia’s most expensive home when he paid $141.55 million in cash for a penthouse overlooking Sydney Harbour.
Zhang, who was born in China, bought the top three floors of Lendlease’s One Sydney Harbour development at Barangaroo South.
The off-the-plan sale, inked in 2019, is an amalgamation of the two-storey penthouse of the Renzo Piano-designed building, which is for himself, and a sub-penthouse directly below, for friends and family to stay in. The home settled in June last year with no mortgage on title.
Fellow Rich Lister and luxury car importer Neville Crichton and his stylist wife, Nadi Hasandedic, have also put their waterfront Point Piper mansion on the market with price hopes of $85 million to $90 million.
It’s understood the couple are downsizing, having paid a reported figure of about $50 million for a penthouse elsewhere in Sydney’s east.
Crichton purchased the half-completed Point Piper home on the site for $39 million in 2017 from medical entrepreneur Glenn Haifer, records show. The new owner will be neighbours with former prime minister Malcolm Turnbull.
The Haifer family bought the 1935-built, Mediterranean-inspired residence for $13.5 million in 2012. Approved DA plans lodged with council from 2013 to 2015 reveal alterations and additions to the existing dwelling, a new pool and boat shed, an extension of the basement level and reconfigured floor plan, along with landscaping.
Crichton and Hasandedic enlisted Blainey North and her team to reimagine the property into a multi-level, five-bedroom, seven-bathroom home with design notes inspired by the French Riviera. Curves, arches and a grand staircase adorn the interiors.
Ken Jacobs and Martin Ross of Forbes Global Properties are selling Crichton’s Point Piper mansion.
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