The buyer who forked out a whopping $50 million for a 1920s brick home in Sydney's eastern suburbs has been revealed.
Australian David Droga is an advertising executive at Accenture Song and the founder of Droga5 - an advertising agency based in New York which was acquired by Accenture in 2019 when he was named CEO.
The 54-year-old has snapped up Lang Syne the sprawling 1100-square-metre block on the clifftops of Tamarama in Sydney's Eastern Suburbs, according to Nine Newspaper's Australian Financial Review.
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Droga bought the four-bedroom and two-bathroom home for just under $50 million from Dimity Griffiths who lived in the home for 64 years with her late husband, the radio personality Harry Griffiths.
The exact sale price remains unknown until the settlement period is completed.
When Griffiths bought the home, it traded for £9750 - the equivalent of around $18,000 without adjusting for inflation.
The sale smashes the previous record of $25 million for Sydney's eastern beaches.
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Droga grew up in the Perisher Valley in New South Wales with his five siblings.
He became a partner and executive creative director of advertising agency OMON Sydney in his mid-20s before his spectacular rise through the industry to end up at the top of Accenture.
He is believed to be currently living in New York.
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Property expert Robert Klaric said yesterday the record-breaking sale was the reality of the Sydney housing market.
"For somebody who has $50 million they've got $100 million and that's the reality of our market now for Sydney if they want to live on the waterfront," Klaric said.
"They're the jewels in the crown.
"There are two markets, the ultra-wealthy market then you've got the suburban market, which is seeing a little bit of a downturn in the last 12 months."
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