Yacht racing millionaire’s $3m discount

Yacht racing millionaire’s $3m discount

A yacht racing and property millionaire has sold an inner-city sky home at a multimillion-dollar discount, as he clears his $250m-plus property portfolio.

Renowned Sydney-Hobart yacht Black Jack owner and commercial property richlister Peter Harburg had created a mega-apartment after merging two luxury units in the iconic Riparian building built in 2005 in Brisbane’s CBD.

When he decided to offload the 647sq m sky home in the heyday of the mining boom, he slapped a whopping $7m price tag on it, according to CoreLogic records, but when a deal was finally reached at the end of November last year Harburg settled for a significantly tamer price of $4m.

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The new owner — a professor who was made a Member of the Order of Australia “for significant service to tertiary mathematics” — has benefited off Harburg’s determination to tie up loose ends in his property portfolio.

Just last year Harburg listed two commercial buildings in the heart of Brisbane’s CBD for sale after selling two other buildings in the years earlier — 50 Ann Street for over $131m and 348 Edward Street for about $50m. He sold 95 North Quay in August last year for $46.2m and also put Westpac’s state headquarters at 260 Queen Street on the market in 2018.

For his luxury pad in the CBD, Harburg steadily drop his price expectations over the past eight years, going from $7m in 2011 to $6m in early 2015, then $4.34m in mid-2015, before jacking it back up to the $5-6m mark again in the past two years.

The mega-apartment has views across the Brisbane River, Story Bridge and the city from every room. Barriers between two apartments were removed so the property now has two living rooms, a library, a boardroom and an office.

It was listed as having a top of the range Nuvo home audio system, Liebherr and Gaggenau appliances, American walnut cabinetry, light up Onyx benchtop and features plus retractable panelling to divide the large dual living zones.

The Riparian residences, located in the heart of Eagle Street at the top third of the renowned Harry Seidler-designed building, have 24/7 security, a 25m lap pool, a gym, steam room, sauna, spa and group entertainment space.


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