‘A slap in the face to every Australian caught in the housing crisis’: Outrage at plans by Chinese billionaire, 29, to create Sydney mega-mansion after he snapped up two historic harbourside estates for $52million.
A 29-year-old Chinese billionaire has sparked outrage after revealing his plans to transform two harbourside Sydney estates into a single mega-mansion.
Shangjin ‘Jin’ Lin, heir to a billion-dollar Chinese property empire, bought the two neighbouring properties in Sydney’s exclusive eastern suburb of Vaucluse.
The two mansions on Queens Avenue, which boast undisturbed Sydney Harbour views, were bought for a combined $52 million on New Year’s Eve in 2015.
But a local councillor has slammed the renovation proposals, describing them a ‘slap in the face to every Sydneysider caught in the housing affordability crisis.’
The historic Villa Igiea was bought for $47 million and sits on 2,133 sqm and boasts seven bedrooms and five bathrooms, which would be restored to their 1906 charm.
The neighbouring property was bought for $5 million and features six bedrooms and three bathrooms on 806sqm, but Mr Lin is planning to destroy the property and rebuild a three-storey home.
The extravagant mansions would then be connected by an basement – acting like an underground tunnel -and a shared carpark.
Estimated to take about two years, living like royalty with Sydney Harbour views, the mega property would include an infinity spa and 20-seat cinema.
The extraordinary renovations is estimated to use 355 truckloads of excavations.
The development proposal was rejected at a council meeting on Monday, and will now be reviewed by an independent panel due to the sheer cost of the renovations.
Woollahra councillor Matthew Robertson said the renovation plans were ‘gross and excessive,’ reported the Daily Telegraph.
‘Woollahra Council has sent a strong anti-overdevelopment message to the Sydney Central Planning Panel,’ Mr Robertson said.
‘The sheer cost of works for this proposal is a slap in the face to every Sydneysider caught in the housing affordability crisis.’