17 year old buys $17 million Sydney trophy home, Bishopscourt at Darling Point
Caleb Wang, the teenage son of the billionaire owner of Bishopscourt, the 1840s grand sandstone Darling Point mansion, has been handed over its title.
It was transferred at $17.5 million, with the recent official paperwork noting it was now owned by a minor, Caleb Ao Wang.
Little is know about the 17 year son of Chinese billionaire Wang Qinghui.
The landmark Gothic Revival house was transferred at less than its prior $18 million purchase in 2016, taking advantage of the property dip to make the transfer at a marginally reduced stamp duty.
The transfer showed transfer duty with $14,500,000 of the purchase price at the premium rate.
It was not clear if the transfer was to a resident citizen as otherwise it would incur a total $2.5 million transfer duty.
Wang senior, the president of Bonanza Investment, debuted on the Forbes Rich List of China in 2014 arising from his investment in Beijing Telecom.
His net worth was put at $10.5 billion on the 2015 Forbes Billionaires List.
Qinghui Wang was born in ordinary peasant family, after a hard work, he became a real estate owner in Shenzhen.
In December 1999, he became a shareholder of Beijing Xinwei Telecom Technology Group which was founded in 1995.
According to Reuters, Beijing Xinwei is designated by five central government ministries to be a key software enterprise for state planning.
Chinese billionaire Wang Qinghui's purchase ended 105 years of Anglican Church ownership having been the official residence of its Sydney Archbishop.
Still on the market across the road is Greenoaks Cottage, which was listed late last year with $20 million hopes.
It's the home of K2 Recruitment boss Phil Kerry and wife Ann-Maree, a former Olympic gymnast.
The couple have recently spent $6.25 million on a shoptop a project in Woollahra, the home of Gant menswear.
