Atlassian co-founder Scott Farquhar snaps up North Avoca beach home for record $10.85million

Tech billionaire splashes $10million to add a coastal getaway to his property portfolio, setting a new real estate record for the area

  • Atlassian co-founder snaps up North Avoca beachfront home for $10.85million
  • Beachfront record for the NSW Central Coast, though well under price guide
  • Comes after Scott Farquhar was ranked fourth on this year’s AFR Rich List 200

One of Australia’s richest billionaires has splashed out on a sprawling beachside mansion in a record-breaking sale.

Atlassian co-founder Scott Farquhar and investment banker wife Kim Jackson recently added a five bedroom North Avoca home to their property portfolio.

Snapped up for $10.85million, the sale is a beachfront record for the NSW Central Coast, more than $2million under the property’s original price guide of $13million when it first entered the market in February.

The property last sold for $3m almost six years ago.

Sitting on 556sqm just metres from the beach, the home was created as a contemporary interpretation of the classic Queenslander and captures the very essence of beachfront living, according to the property description.

Atlassian co-founder Scott Farquhar (right) and investment banker wife Kim Jackson (left) have made a recent addition to their property portfolio on the NSW central coast

Atlassian co-founder Scott Farquhar (right) and investment banker wife Kim Jackson (left) have made a recent addition to their property portfolio on the NSW central coast 

The North Avoca beachfront home was snapped up for $10.85million, a new record for the area

The North Avoca beachfront home was snapped up for $10.85million, a new record for the area

The manicured lawns, complete with a stone firepit, overlook the ocean and also include a pool and beach shower. 

Mr Farquhar’s latest purchase coincidentally has the same number of bedrooms and is the exact land size as one of his first property purchases as a 30-year-old for $3.57million back in 2010, Domain reported.

The tech billionaire and his wife are also the owners of a mansion known as Elaine at Point Piper in Sydney’s east.

The couple bought it for $71million in April 2017 – the third highest price ever paid for a house in Sydney.

In 2020, Mr Farquhar revealed plans to restore the home to its former glory and preserve its sprawling, beautiful gardens, century-old trees and stable.

The tech billionaire's latest home (pictured) has the same number of bedrooms and is on the same land size as his first property purchased 12 years ago

The tech billionaire’s latest home (pictured) has the same number of bedrooms and is on the same land size as his first property purchased 12 years ago

The five-bedroom home with an original asking price of $13million looks onto the beach which is just metres away

The five-bedroom home with an original asking price of $13million looks onto the beach which is just metres away

The Elaine estate is next door to a 1.12-hectare property owned by Mr Farquhar’s Atlassian co-founder Mike Cannon-Brookes.

Cannon-Brookes in 2018 bought the $100million property, named Fairwater, which was formally owned by Lady Mary Fairfax.

The purchase broke the record for Australia’s most expensive residential mansion, overtaking Mr Farquhar’s $71million price tag by almost $30million.

Mr Farquhar ranked fourth on this year’s AFR Rich List 200 after his worth soared by $6.4billion in the last 12 months to an estimated $26.4billion.

His estimated worth has since risen as Atlassian’s share price has soared 56 per cent to $US279.35 in recent weeks.

Co-founder Mr Cannon-Brookes was third on the AFR list worth $27.83billion.

Mr Farquhar (pictured right with wife Kim) ranked fourth on this year’s AFR Rich List 200

Mr Farquhar (pictured right with wife Kim) ranked fourth on this year’s AFR Rich List 200

The tech billionaire's latest purchase is a beachfront record for the NSW Central Coast

The tech billionaire’s latest purchase is a beachfront record for the NSW Central Coast

The pair, who first met while studying at University of NSW, founded Atlassian in 2002 with a $10,000 credit card debt.

The tech firm still only consisted of several employees seven years later when the co-founders gatecrashed a podcast recording at a tech conference in Belgium with the aim of making an impact. 

They bought $2,000 worth of beer and put Atlassian stickers on them, which were handed to all of the 1,000 attendees as they walked in.

The marketing gamble paid off and the pair haven’t looked back since.

Mr Farquhar, 42, recently opened up about ‘Atlassian Central’, an ambitious project being built in Sydney that’s set to become the company’s new headquarters. 

The office will be 75,000 square metres, 40 storeys tall, comprised of low-carbon steel, concrete and timber, with costs of around $1.4billion and a completion date of 2027.

Atlassian co-founders Mike Cannon-Brookes (left) and Scott Farquhar (right) are third and fourth respectively on the AFR Rich List 200

Atlassian co-founders Mike Cannon-Brookes (left) and Scott Farquhar (right) are third and fourth respectively on the AFR Rich List 200

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