Vacant harbourside lot owned by the son of a Chinese billionaire sells for a staggering $27million - so who are the new owners?

Vacant harbourside lot owned by the son of a Chinese billionaire sells for a staggering $27million - so who are the new owners?

• A vacant lot on Sydney Harbour has sold for an eye-watering $27million 
• The lot is currently home to rubble, weeds and multi-million-dollar views
• The undeveloped land was owned by the son of a Chinese billionaire until sale

 3 September 2022 

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.

A vacant block of land covered in weeds and rubble has sold for $27 million. Picture: LJ Hooker Double Bay

Medich and his former wife Odetta purchased the property in 2003, and had previously intended to turn the vacant block into luxury apartments, but abandoned the project in 2010.

He is now serving time for plotting the murder of businessman Michael McGurk.

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.

A vacant block of land covered in weeds and rubble has sold for $27million. Picture: LJ Hooker Double Bay

2/126 Wolseley Rd, Point Piper was bought by convicted killer Ron Medich and his former wife Odetta in 2003, who had intended to turn the vacant block into luxury apartments, but abandoned the project in 2010

Just a year later, Mr Li paid roughly the same amount for the property, which he then held onto for three years.

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.

The couple bought that property from former Westpac director Steve Harker in 2019 for a record breaking $40million.