PHOTO: This pile of rubble is worth $25 million. Picture: LJ Hooker Double Bay Source: Supplied

An abandoned lot in Australia’s most expensive street has gone on the market for $25 million, just seven months after it was last sold for $22.5 million.

The mystery owner of 42 Wolseley Road, Point Piper is selling what is now the only vacant block of land with development approval on one of the most exclusive residential streets in the world, Domain first reported last week.

The 740 square metre block has changed hands eight times in the past two decades.

Former owner Hugh Huang, son of Chinese shipping magnate Shannian Huang, purchased the property from Sydney FC chairman Scott Barlow for $14.35 million in 2013.

As part of the Foreign Investment Review Board approval, he agreed to knock down the original 1970s-built residence and build a new mansion designed by Tzannes Associates.

He abruptly abandoned that plan last year and instead put it on the market. It was sold to an unknown buyer, who put it in the name of his accountant Peter Wyer.

That buyer has now also done a U-turn. He’s looking to make back his original purchase price, plus the $1.5 million stamp duty and $1 million profit.