Rich Lister sells Sydney home for about $75m as Reserve Bank hikes rates

Updated September 29, 2026 — 3:35pm,first published 3:14pmProperty tycoon and Rich Lister Robert Magid and his wife Ruth have sold their Point Piper mansion for a figure believed to be around $75 million on the same day the Reserve Bank hiked the cash rate to a 15-year high.The sale on Tuesday comes as the Reserve Bank lifted the cash rate for the fourth time this year, from 4.35 per cent to 4.6 per cent.Rich Lister Robert Magid and his wife Ruth have sold their Point Piper home for a figure around $75 million. The Magid family’s home first hit the market in August with a price guide of $85 million and was later reduced to $75 million, as previously reported by this masthead.Michael Pallier of Sydney Sotheby’s International Realty, who sold the residence alongside Pillinger’s Brad Pillinger, confirmed it sold for a figure around the latest guide but would not divulge the exact sales price nor the buyer’s identity.However, he did say the sale puts “confidence in the market” and that when there are price adjustments and vendors willing to meet the market, properties sell.Robert Magid at the Point Piper mansion. Louie DouvisPallier said they received multiple offers for the home after the reduced price guide.The five-bedroom, five-bathroom house was bought by the Magids for $7.35 million in 1998 after they reportedly managed to top the interest shown by Star Wars director George Lucas. It has since been refurbished.The property is also on the site of one of Sydney’s best-known landmarks, Paradis sur Mer, where the late socialite Lady Susan Renouf once lived.Pillinger declined to comment on the sale, the highest residential sale so for this year in Sydney.Lawrence Myers, chief executive of James Packer’s family office Consolidated Press Holdings, and his wife Sylvia took the crown for Sydney’s trophy home transactions of 2025, with a sale of their exquisite Rose Bay home.They sold to Alex Birkenstock, heir of German cult sandal brand Birkenstock, and his wife Vanessa, who paid $83.5 million in cash.Fellow Rich Lister and luxury car importer Neville Crichton and his stylist wife, Nadi Hasandedic, have also put their waterfront Point Piper mansion on the market with price hopes of $85 million to $90 million.It’s understood the couple are downsizing, having paid a reported figure of about $50 million for a penthouse elsewhere in Sydney’s east.Property listingsFrom our partners