Vacant Point Piper lot with links to criminal Ron Medich sells for $27 million

A vacant harbourside lot, strewn with nothing but rubbish and rubble – with links to one of Sydney’s most notorious murders – has sold for a staggering $27 million.

The Eastern Suburbs block which has had several owners over the past decade was once owned by former developer Ron Medich, who is in jail after being found guilty of ordering the 2009 contract murder of Michael McGurk.

According to reports, the 740 sqm block was sold last week.

It sits right on the water’s edge on some of the richest real estate in the world on Wolseley Rd, Point Piper.

The block boasts uninterrupted views of the Harbour Bridge, Sydney Opera House and the CBD skyline.

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It was bought by millennial tech investors Alexandra and Gabriel Jakob, with former owner and son of a Chinese Billionaire Wu Li walking away with $5 million in profit.

Mr Li’s father Li Guoqiang is the founder of one of China’s largest car dealers, Zhongsheng Group, it was reported.

The almost forgotten treasure of land had had little more on it than a few trees since it was first slated for development, when the dwelling there, which dates back to the 1970s, was bulldozed.

Moves had been made to begin development on the location more recently with the land cleared, but it has continued to sit vacant and untouched since then.

The son of Shanghai shipping magnate Shannian Huang, Hugh Huang, bought the block in 2013 for $14.35 million.

He knocked down what was there, with plans to develop before selling the land five years ago for $22.5 million to Sydney to Hobart yachtsman, Jim Cooney, who has won the revered race multiple times.

Li bought the property for roughly the same figure.

The vacant lot sits along the water from Edgewater, the incredible waterfront mansion that sold in 2020, for $95m, the second highest prices ever paid for a house in Australia.

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Originally published as Vacant Point Piper lot with links to criminal Ron Medich sells for $27 million

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