Atlassian co-founder Scott Farquhar buys Point Piper home for $130 million in cash

Australian billionaire Scott Farquhar has snapped up a Scottish-style mansion for an eye-watering $130 million – and he’s paid for Australia’s most expensive house in full with no financing.

The Atlassian co-founder and his wife Kim Jackson, an investment banker, will now call the sprawling 3,300 sq ft, four-bedroom property at the top of Point Piper, in Sydney’s eastern suburbs, home.

The record-breaking deal was approved in December, with Mr Farquhar just taking full possession of the lavish property.

The property – known as Uig Lodge – sold for more than Farquhar’s fellow Atlassian co-founder Mike Cannon-Brookes’ Point Piper property, Fairwater, which he bought in 2018 for $100 million.

Farquhar’s new home was previously owned by Steven and Carol Moss, the co-founders of retail fashion label Katies, who bought it in 1996 for $9.2 million.

Uig Lodge is situated on a high vantage point that offers some of the best views of Sydney Harbour.

It is one of the most renowned properties in the city and its design is inspired by a Scottish baron’s castle.

Mr Farquhar’s purchase comes after Atlassian announced it would cut hundreds of jobs in less than six months.

The software company announced last week that it would lay off 500 full-time employees — or 5 percent of its workforce — amid an economic downtown that has significantly affected the industry.

Mr Farquhar and Mr Cannon-Brookes sent an internal letter to staff explaining the company’s “difficult decision” to lay off workers.

“We have made the difficult decision to rebalance our team to better position Atlassian for the long term,” Mr. Farquhar and Mr. Cannon-Brookes wrote.

“We came to this decision as a management team and with our board, but ultimately the ultimate calling lies with us as co-founders. To those who are about to leave us, we are deeply sorry.”

Atlassian’s HR, program management, and research and insights teams will be the hardest hit.

For the avoidance of doubt, this decision is not a reflection of Atlassian’s own financial performance as we will reinvest in features that better support our priorities.

“This is going to be hard news for any Atlassian to digest. Take the time you need to process it.’

Employees who are laid off are offered a number of benefits, including 15 weeks of severance pay, plus one week’s pay for each year of service.

Known as Uig Lodge, the house covers 3,300 square feet and sits on a high vantage point that offers some of the best views of Sydney Harbor

The announcement by Atlassian came six months after the company launched a nationwide recruitment drive to hire new staff, promising they could work “anywhere.”

Mr. Farquhar set out in an Atlassian-branded motorhome in an effort to find 1,032 employees to join the company in research and development roles.

“Atlassian’s work from anywhere policy (Team Anywhere) means many Aussies can realize a dream in technology without having to move,” the company said in a statement.

Atlassian offers extremely competitive salaries with packages ranging from $100,000 to $150,000 depending on job titles and experience.

The company’s recruitment drive started at Sydney’s Martin Place before turning into a road trip.

The so-called ‘AtlassiVan’ visited Canberra, Wollongong, Melbourne, Adelaide, Newcastle, Brisbane, the Gold Coast and the Sunshine Coast.

The software giant placed third on Australia’s Best Places to Work for 2022 list for large companies, with the key benefit of providing staff with financial support to set up their ideal workspace.

Employees can work from home anywhere and only have to meet face-to-face four times a year.

If they come to the office by bicycle, the company will reimburse bicycle repairs, accessories and rent up to an agreed amount.

Tech giant Atlassian is cutting 500 jobs months after co-founder Scott Farquhar (pictured) toured Australia to recruit 1,000 people