Nick Whitlam has listed his clifftop home in the northern Illawarra for sale, with the property believed to have record-breaking potential.
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The home is located at 363-367 Lawrence Hargrave Drive, Scarborough.
Businessman Mr Whitlam, son of late former prime minister Gough Whitlam and a former investment banker, and wife Judy are selling the home as they plan to return to Sydney.
Co-selling agent, Ray White Helensburgh's Mattias Samuelsson said there wasn't an exact price guide available yet.
However, he said the owner was hoping to set a new sale price record for the Illawarra's northern suburtbs.
The area's residential high mark is believed to be the Wombarra record of $6.31 million set earlier this year.
"We've owned property down here for more than 20 years, but we've actually lived down here for 17 years," Mr Whitlam told the Mercury.
"We've loved it, and we do love it. But we want to downsize, and have some of the conveniences of the city.
"It's a beautiful place to live. I'm still quite active in business and the like, and at this stage in life it's appropriate for us to move back to the city into something smaller."
The property was designed by award-winning architect Keith Cottier.
In 2010, the Whitlams bought the property as a rundown shack for $950,000 and enlisted Cottier to design the three-bedroom home. The home was completed eight years ago.
"It is a spectacular site," Mr Whitlam said. "People say it's the best site in the northern Illawarra.
"It has an absolutely uninterrupted view up the coast towards the Royal National Park. And it's completely private.
"(Cottier) designed a house for us which has everything we ever wanted to have... Somebody who is say, ten years younger than us and has plenty of money will love it.
"Scarborough is a lovely village. The whole string of villages from Stanwell Park down to Thirroul, I call it the 'Illawarra Riveria'."
The property's panoramic views extend from the waves crashing on the rocks below, over the Pacific Ocean and all the way up the coastline.
Meanwhile, the escarpment provides a backdrop to the west.
The location is private with only one neighbouring home, while there are multiple outdoor entertaining areas with differing aspects.