Businessman Michael Zammit lists Point Piper home for $40m

PHOTO: The Point Piper residence of Michael and Gail Zammit is up for grabs for the first time since 1998.

Houses on Point Piper’s waterfront have been in short supply this year, but that looks set to change after last week’s $95 million sale up the road of a duplex owned by Katies co-founder Joe Brender and the estate of his late business partner Sam Moss.

Now, Gail and Michael Zammit, the student accommodation developer, are expecting to pocket more than $40 million for their Wolseley Road home set on what is arguably Sydney’s most exclusive patch of sand at Lady Martins Beach when it hits the market early next week with Bill Malouf, of LJ Hooker Double Bay.

The Zammits have undertaken a major renovation the three-level residence since they bought it in 1998 for $3.6 million from medicos Kai Tai Yeung and Connie Chun-Man Leung. At the time the Zammits were trading over from Centennial Park where they sold their former mansion for $2.5 million to Shari-Lea Hitchcock, the mistress of the late cardboard king Richard Pratt.

152 Wolseley Road Point Piper
The three-level house is set behind a boathouse that opens to Lady Martins Beach.

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