Chinese food producer Sun Shaofeng has sold the Vaucluse estate Werribee for $31.2 million, a property that he has never lived in.
This is an $11 million-plus paper gain on the mansion which has largely sat empty since his purchase more than seven years ago.
The chairman and chief of one of China's leading agriculture producers, China Green Holding, and wife Lin Xiaxu sold the 3330-square-metre residence last month, title records show, some nine months since the double block hit the market.
The Agency's Steven Chen had the listing and a guide of $38 million, but the home is understood to have been sold directly by the owner who wanted to settle before the year's end.
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Chen declined to comment on the sale when contacted, only noting he had buyer interest upwards of $35 million, with a longer settlement period, for the "stunning parcel of blue ribbon land".
Title records show the eight-bedroom mansion with a pool and Harbour Bridge views sold to millennial Wenbin Xu, from China, who corporate records show is a director of AICODE Australia, a STEM education provider, among other companies.
The $31.2 million purchase, with no mortgage, is well above the $20 million the estate last traded for in 2016, the year after Sun, who started out as a bureaucrat for the government office of Fuzhou City before founding the farm produce export empire in 1998, sold the company's beverage subsidiary to Coca-Cola for $US400 million.
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Sun has not spent much time at the 1914-built home since. The house and neighbouring coach house are unchanged, and the disused tennis court had become a lawn, though the grounds have been maintained in more recent times.
It means development-approved plans by Thomas Hamel for a new 10-bedroom residence behind the heritage facade are likely to come in handy for Xu.
The 34-year-old is no stranger to Sydney's prestige market, having previously sold a waterfront Double Bay home for $18.3 million in 2018 to property investor Herman Melkman and his wife Frances, little more than three years after he purchased the five-bedroom house for $13 million.
He joins a string of cashed-up millennials who spent big on Sydney real estate in 2023, including online rag traders Daniel and Georgia Contos who purchased three neighbouring houses in Vaucluse, spanning a total of 3500 square metres, for almost $100 million.
Xu's purchase, which offers Harbour Bridge views, was once the long-held home of grazier Charles Combs, who sold the estate to the Aldred family in 1961 for a then Sydney house price record of £41,000.
It was sold by the estate of the late Cementaid founder Peter Aldred in 2016.
This article was originally published in The Sydney Morning Herald 
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