Multimillionaire Kiwi's new 'humble' Sydney abode

A Kiwi who made millions selling luxury cars has downsized his NZ$62.9 million Sydney mansion for a humble $34.5m three-bedroom waterfront property just down the road.

Neville Crichton, who is a Companion of the New Zealand Order of Merit and talented yachtsman, bought the Point Piper home after selling his six-bedroom residence last month, Australian property newspaper Domain reports.

Nadi Hasandedic and Neville Crichton. Photo / Norrie Montgomery

The house, which boasts a pool that backs onto the harbour and a private jetty, once belonged to Lachlan Murdoch, the son of media mogul Rupert Murdoch and his wife Sarah. The Murdochs sold the home to mining engineer Gary Zamel's wife Karyn Zamel for $20.6 million in 2005.

The real estate agent the home was listed with, LJ Hooker Double Bay's Bill Malouf, refused to confirm what the property fetched in the most recent sale, but other sources told Domain Crichton paid between A$30m and A$35m for it.

Crichton's new home, at 110 Wolseley Rd, sits the same street as the one he recently sold. It's just 12 doors down in fact, which will make Crichton and his fiancee Nadi Hasandedic's relocation easy.

The 990 sq m section is substantially smaller than his previous abode, which was on 1500 sq m. And what the home lacks in bedroom space it makes up for in other aspects, including its spiral staircase and semicircular kitchen with harbour views.