The price record for Australia’s most expensive home has been obliterated by the sale of a historic former Fairfax family mansion to a tech billionaire.

Sydney beachfront estate Fairwater was snapped up by 38-year old Atlassian co-founder Mike Cannon-Brookes for a price of more than $100 million, it was revealed on Thursday.

Positioned on 1.12 hectares in Sydney’s exclusive Point Piper neighbourhood, the sale smashes Australia’s previous residential property price record of $71 million record set by neighbouring property Elaine.

Another former Fairfax family residence, Elaine was purchased in 2017 by Mr Cannon-Brookes’ good friend, Atlassian co-founder and co-chief executive Scott Farquhar.

Mr Farquhar said at the time that he purchased the historic home to save it from subdivision by developers.

Mr Cannon-Brookes and wife Annie released a statement on Thursday confirming the Fairwater purchase.

“We are delighted with the purchase of Fairwater for our young family and look forward to continuing the legacy of this beautiful Sydney home,” the couple said.

“We love the idea of raising our four young children in this historic property, filling the house and gardens with love and laughter through the years.”

Built in 1880, the historic mansion is the largest privately-held property on Sydney Harbour, and was the long-time home of Fairfax matriarch Lady Mary Fairfax, who passed away aged 95 last year.

For decades it was speculated that Lady Fairfax would bequeath Fairwater to the people of NSW.

Those reports were quashed when Christie’s International selling agent Ken Jacobs, also responsible for the sale of Elaine, put the property on the market earlier this month.