Point Piper, Sydney Harbour vacant lot owned by son of a Chinese billionaire sells for $27million

A vacant lot overlooking Sydney Harbour has sold for a staggering $27million despite containing nothing but weeds and rubble. The Point Piper block, in Sydney´s exclusive eastern suburbs, has changed hands multiple times in recent years and was once slated for development by convicted murderer Ron Medich. It sold this week to millennial tech investors Alexandra and Gabriel Jakob, with former owner and son of a Chinese billionaire Wu Li walking away with $5 million in profit. Mr Li´s father is Li Guoqiang, founder of one of China´s largest car dealers, Zhongsheng Group, The Sydney Morning Herald reported. Hugh Huang, the son of Shanghai shipping magnate Shannian Huang, purchased the block in 2013 for $14.35million, knocking down the existing structure that dated back to the 1970s with plans for development. Instead he sold it in 2018 for $22.5million to Sydney to Hobart legend, Jim Cooney, who skippered super yacht Comanche to multiple victories. The new owners of the rubble-ridden lot should get along with the neighbours, considering buyers Mr and Mrs Jakob already own a harbourfront home just two doors down, which shares a driveway with the plot of land.