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$25 million for a harbourside pile of dirt: Has Sydney’s property market gone mad?

This pile of rubble has hit the market for $25 million. Source: LJ Hooker Double Bay/Getty

A 740-square metre pile of rocks and unruly weeds in Sydney’s Point Piper has hit the market, with selling agents LJ Hooker Double Bay looking for expressions of interest.

And while the asking price is still unconfirmed, Domain reported sources gave the block a guide price of $25 million.

This block of land in Point Piper is rumoured to be worth $25 million. Source: LJ Hooker Double Bay

The anonymous owners purchased the harbourside block for around $22.5 million in January, off Shanghai-based shipping magnate heir, Hugh Huang.

But the block has changed hands multiple times before then.

Huang bought the Wolseley Road residence for $14.35 million in 2013 from Sydney FC chairman Scott Barlow.

Barlow purchased it from hotelier Damien Reed in 2010, who bought the home from orthopaedic surgeon Lawrence Kohan in 2004.

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